Fed officials project rate hikes for 2023 - Wednesday Review, June 16

Fed officials project rate hikes for 2023 - Wednesday Review, June 16

Oil continues its upward trend, rising for the fifth day

The US

Wall Street closed lower as the US Federal Reserve officials hinted that the central bank could start raising interest rates in 2023, a year earlier than expected. USA30 fell 0.77%, and USA500 lost 0.54%. TECH100 dropped 0.24%.

Crude oil rose to $72.15 per barrel, after reaching $72.99 – the highest level since October 2018.

Gold was up 0.29% to $1,861.85 a troy ounce.

The Dollar Index traded 0.02% lower at 90.483.

Asia and Australia

Japan225 was down 0.31% after trade data for May was lower than expected, exports growing 49.6% year-on-year.

HongKong45 edged down 0.16%.

Down under, Australia200 was up 0.24%. The country’s prime minister announced that officials are bolstering legal arguments ahead of potentially taking the wine-tariff dispute with China to the World Trade Organization.

Europe

Markets closed in a mixed manner, as some were cautious ahead of the US Federal Reserve meeting. Others focused on the latest economic metrics. UK100 rose 0.2% even though data showed an unexpected jump in inflation, above the Bank of England’s 2% target in May. Spain35 fell 0.3%, while Germany30 lost 0.12%.

Brent oil gained 0.5%, hitting $74.39 a barrel.

EUR/USD traded at 1.2115 after it lost 0.07%.

Sources: investing.com, reuters.com

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