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Macro Roundup (Dec 7)
2022-12-7
This is a roundup of global macroeconomic news last night and what is expected today.
The U.S. dollar was nearly unchanged against the euro and yen on Tuesday after strong gains the day before, with investors trying to position for next week’s expected interest rate hike from the U.S. Federal Reserve.
The Australian dollar were down slightly. It rose earlier after the Reserve Bank of Australia (RBA) raised rates for the eighth time in as many months.
Data Monday showing that U.S. services industry activity unexpectedly picked up in November prompted speculation the Fed may lift interest rates more than recently projected. Traders currently expect a half-point hike from the Fed next week and they expect a terminal rate of just above 5% in May.
The U.S. dollar index, which measures the currency against six major peers, remains up roughly 10% for the year so far. It was last up 0.1% on Tuesday.
The euro was flat against the dollar at $1.0492, while the dollar was down 0.1% against the Japanese yen.
Stock futures were little changed Tuesday night.
Futures tied to the Dow Jones Industrial Average were up 36 points, or 0.1% while S&P 500 futures and Nasdaq 100 futures were each up 0.1%.
In regular trading the Dow fell more than 350 points, or 1.03%. The S&P 500 and Nasdaq Composite lost 1.4% and 2%, respectively.
The moves came as investors lost hope that the Federal Reserve will be able to engineer a soft landing. Instead, concerns swirled around the state of the economy and whether an economic downturn is approaching.
Global oil prices slid below $80 per barrel for the first time since January on Tuesday, extending a downward trend as growing concerns about global demand offset any bullish effects from an EU-led price cap on Russian oil sales.
Brent crude futures settled down 4.03%, to $79.35 a barrel, their lowest since Jan. 4. West Texas Intermediate crude (WTI) fell 3.48%, to $74.26 after hitting its lowest level this year.
Gold firmed slightly on Tuesday as the dollar gave up some of its recent gains and U.S. Treasury yields retreated, with traders awaiting further direction from the Federal Reserve’s interest rate hike strategy.
Spot gold rose 0.1% to $1,769.42 per ounce, while moves remained fairly contained. U.S. gold futures settled up 0.1% at $1,782.4.
European markets closed lower on Tuesday, with global sentiment subdued this week as investors weigh future policy from global central banks.
The pan-European Stoxx 600 closed down 0.6%, with most sectors and major bourses finishing in the red.
The U.S. dollar was nearly unchanged against the euro and yen on Tuesday after strong gains the day before, with investors trying to position for next week’s expected interest rate hike from the U.S. Federal Reserve.
The Australian dollar were down slightly. It rose earlier after the Reserve Bank of Australia (RBA) raised rates for the eighth time in as many months.
Data Monday showing that U.S. services industry activity unexpectedly picked up in November prompted speculation the Fed may lift interest rates more than recently projected. Traders currently expect a half-point hike from the Fed next week and they expect a terminal rate of just above 5% in May.
The U.S. dollar index, which measures the currency against six major peers, remains up roughly 10% for the year so far. It was last up 0.1% on Tuesday.
The euro was flat against the dollar at $1.0492, while the dollar was down 0.1% against the Japanese yen.
Stock futures were little changed Tuesday night.
Futures tied to the Dow Jones Industrial Average were up 36 points, or 0.1% while S&P 500 futures and Nasdaq 100 futures were each up 0.1%.
In regular trading the Dow fell more than 350 points, or 1.03%. The S&P 500 and Nasdaq Composite lost 1.4% and 2%, respectively.
The moves came as investors lost hope that the Federal Reserve will be able to engineer a soft landing. Instead, concerns swirled around the state of the economy and whether an economic downturn is approaching.
Global oil prices slid below $80 per barrel for the first time since January on Tuesday, extending a downward trend as growing concerns about global demand offset any bullish effects from an EU-led price cap on Russian oil sales.
Brent crude futures settled down 4.03%, to $79.35 a barrel, their lowest since Jan. 4. West Texas Intermediate crude (WTI) fell 3.48%, to $74.26 after hitting its lowest level this year.
Gold firmed slightly on Tuesday as the dollar gave up some of its recent gains and U.S. Treasury yields retreated, with traders awaiting further direction from the Federal Reserve’s interest rate hike strategy.
Spot gold rose 0.1% to $1,769.42 per ounce, while moves remained fairly contained. U.S. gold futures settled up 0.1% at $1,782.4.
European markets closed lower on Tuesday, with global sentiment subdued this week as investors weigh future policy from global central banks.
The pan-European Stoxx 600 closed down 0.6%, with most sectors and major bourses finishing in the red.
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