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Market watch: 20th September 2024

BY LAWRENCE J. | Updated September 20, 2024

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Financial Analyst/Content Writer, RADEX MARKETS Lawrence J. came from a strong technical and engineering background before pivoting into a more financial role later on in his career. Always interested in international finance, Lawrence is experienced in both traditional markets as well as the emerging crypto markets. He now serves as the financial writer for RADEX MARKETS. อ่านเพิ่มเติม
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Stocks rejoiced yesterday following the Fed’s move to lower the target interest rate on the Dollar by half a percent. The three major US indices opened high on Thursday after markets had had more time to digest the decision. The Dow Jones and S&P 500 both struck record highs, closing 1.3% and 1.7% higher respectively. The Nasdaq Composite meanwhile gained 2.5% on the day but remains somewhat adrift of its July peak.

The prospect of a more liquid Dollar spurred on commodities, pushing gold up 1% to $2,586 and nudging silver over $31 an ounce. Oil markets are also enjoying some respite, with West Texas Intermediate in particular climbing back to $72 a barrel and Brent Crude up to $74.

Moving on to currencies and the picture is as one might expect. The Dollar experienced a healthy dose of volatility over the past two sessions but now seems to be coming to terms with the news. The DXY lost 0.3% on Thursday and is now languishing around its yearly lows. On the other side of the pond, the Bank of England elected to maintain the 5% interest rate on the Pound during yesterday’s meeting, which helped push Cable up to $1.33. This morning, the Bank of Japan followed suit, keeping rates on the Yen at 0.25% as expected. Japanese officials made an effort to reassure markets after the drama caused by the last rate hike, stating that further adjustments would not occur until markets stabilise.

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