The Federal Reserve cut interest rates by 25 basis points, causing a significant drop in the US doll

08 Nov, 2024

On Thursday, due to Powell's failure to provide any strong clues indicating a possible pause in interest rate cuts in the future

On Thursday, due to Powell's failure to provide any strong clues indicating a possible pause in interest rate cuts in the future, as well as investors taking profits from the "Trump trade," the US dollar index fell from a high and ultimately closed down 0.776% at 104.34, the largest daily increase since March 2020. The US Treasury yield gave up its previous day's gains, with the benchmark 10-year US Treasury yield closing at 4.332%; The two-year US Treasury yield, which is more sensitive to monetary policy, closed at 4.199%.

 

On Thursday, spot gold rebounded under the boost of the falling US dollar, reaching a high of $2710.10 at one point, and finally closed up 1.78% at $2706.51 per ounce. Spot silver ultimately closed up 2.76% at $32.04 per ounce.

 

As traders consider how Trump's policies will affect supply and drillers reduce production in response to Hurricane Rafael, international crude oil prices have risen. WTI crude oil once reached the 72 level, but then fell back and finally closed up 0.48% at $71.9 per barrel; Brent crude oil closed up 0.47% at $75.41 per barrel.

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