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Global markets buoyant following Fed rate hike

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May 05, 2022 - 09:59 AM

ANKARA (AA) – Global markets are buoyant with US and Asia stocks rallying following Federal Reserve’s rate hike as expected.

On Wednesday, the Fed increased its benchmark interest rate by 50 basis points, marking its steepest rate hike since 2000.

Fed Chair Jerome Powell said similar moves were possible for meetings in June and July as a 75 basis points hike is “not something that the committee is actively considering.”

The dollar index decreased to its one-week low of 102.52 following the aggressive rate hike, while euro/dollar parity rose over 1.06.

Precious metals and crude oil prices were on the rise, with gold adding 1% to $1,901 and global oil benchmark Brent crude was trading at $111.15, up 0.92%.

On Thursday, investors will monitor Germany’s factory orders, Bank of England interest rate decision and initial jobless claims.

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