Market News

There will be a significantly lighter news schedule this week compared to last week, with major central bank input due from the Bank of Japan, and the Reserve Bank of Australia.

The U.S. Federal Reserve announced on Wednesday that it will raise interest rates a quarter point to 0.5-0.75 percent, an unsurprising note that sent the dollar to highs not reached in nearly 14 years, with the dollar index hitting 102.62.

With only hours to go before the announcement from the U.S. Federal Reserve as to whether it will raise interest rates, Asian shares traded slightly higher.

Oil prices retreated on Tuesday after hitting 18-month highs on rising Asian demand.

The Dow rose sharply by more than 140 points on Friday, and was joined by the wider S&P 500 Index which closed as a new all-time high record of 2,259.53.

There will be a somewhat heavier news schedule this week compared to last week, with major central bank input due from the U.S. Federal Reserve, the Bank of England, and the Swiss National Bank.

The US Dollar continued to hold onto recent gains versus the Japanese Yen as well as the common currency Euro.

The Kiwi Dollar was the currency market’s largest gainer after gaining 0.7% on speculation of an interest rate hike in 2017.

The Dow skyrocketed more than 250 points on Wednesday afternoon, hitting new intraday highs as traders waited for monetary policy announcements from the European Central Bank in which the ECB is expected to extend its stimulus program beyond the first quarter of 2017.

The Euro was under some pressure as markets look to this week’s policy meeting at the European Central Bank.

Asian shares edged higher on Wednesday as markets continued to recover from the jolt sent earlier this week when Italian Prime Minister Matteo Renzi announced his resignation.

The Euro steadied and remained close to a 3-week peak during early trade in Europe as markets count on volatility in the run up to the policy meeting of the European Central Bank.

The euro remained steady during Tuesday’s Asian session after traders determined that Monday’s selloff following Italy’s referendum was overdone.

The Euro recovered slightly from the recently struck 21-month troughs but remains under some pressure.

After a devastating defeat on Sunday’s referendum on constitutional reform, Italian Prime Minister Matteo Renzi promised to resign after only two and a half years in office, posing a devastating blow to the euro-zone’s third largest economy.