Stocks rise after rate decision… and surprise reversals in gold and dollar trends by

© Reuters. – US stocks opened significantly higher today after the open, a day after , and minutes after interest rates.

Federal Reserve Chairman Jerome Powell’s speech on progress in reducing inflation reinforced bets on a slower slowdown in the US economy.

While both the dollar and gold reversed their trends during these moments of the day’s trade, after the dollar remained a loser for most of the day’s trade, it is now rising sharply, and gold turned lower after its gains during the day’s trade reached 1.8%.

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interest decision

The European Central Bank announced the interest rate decision a while ago, raising it by 50% to reach 3%, in line with experts’ expectations, as the bank seeks to control prices through a growing increase in European interest rates, heralding a severe recession in the coming period.

With this increase, the European Central Bank – along with the Bank of England, which raised interest rates by 50 basis points to reach 4% a short time ago – is following in the footsteps of its US Federal counterpart, which raised yesterday, Wednesday, as widely expected, after raising it by 50 points in the previous week. In December last year, after four consecutive 75 basis point hikes, the benchmark rate moved to a range of 4.50% to 4.75%, the highest level since 2007.

gloomy view

Mike Wilson, chief strategist at Morgan Stanley, warned markets of underperforming US stocks; Driven by the possibility that the somewhat strong performance in the US stock market in the recent period is temporary, due to the pessimistic results of US corporate financial statements.

The economist added that the latest financial statements of some US companies are considered to be some of the worst results in a long time. This casts a negative shadow over the development of the US stock market in the coming period, alongside a television interview with Bloomberg yesterday, Wednesday.

The analyst decried some people’s belief that companies were reporting better financial results than markets had feared. In the wake of the turmoil in US stocks last year; He reasoned that these disappointing results could have negative repercussions on the US stock market.

markets now

Wall Street at the opening

U.S. stocks jumped at the open on Thursday, with the Nasdaq index up 2 percent as Meta (NASDAQ: ) platform shares rose thanks to the implementation of strict cost controls.

The Nasdaq Composite Index rose 248.83 points, or 2.11 percent, to 12,065.15 points.

The industrial index rose 36.34 points, or 0.11 percent, to 34,129.30 points.

While the index increased by 39.47 points, or 0.96 percent, to 4,158.68 points.

gold now

It fell in the current moments to levels near $1919 an ounce, down 1.5%.

On the other hand, futures for the yellow metal fell during these moments of the day’s trading, at levels near 1934 dollars an ounce, a decrease of about 0.55%.

dollars now

Currently, it rose sharply to the levels of 101,697 points.

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Urgent | The rise in dollar prices against the pound ahead of the central bank meeting

Dollar exchange rates rose against the Egyptian pound by 8 piastres, buying and selling during their mid-day deals, Thursday, the end of weekly trading, in Egyptian banks.

Last month, the dollar exchange rate witnessed significant movement against the Egyptian pound, trading between £5.37 – £5.50, buying and selling.

And in the two largest local banks in terms of assets and transactions, National Bank of Egypt and Banque Misr, the exchange rate today recorded 30.13 pounds for buying and 30.23 pounds for selling, and in the Suez Canal Bank it recorded 30.15 pounds for buying and £30.25 for selling.

The price of the dollar today against the pound

In private banks, the dollar rate in Commercial International Bank registered 30.23 pounds for buying and 30.33 pounds for selling, and in Abu Dhabi Islamic Bank it recorded 30.23 pounds for buying and 30.33 pounds for selling.

In the central bank, the average price of the dollar against the Egyptian pound recorded 30.13 pounds for buying and 30.23 pounds for selling.

Date of central bank meeting

The Central Bank of Egypt’s monetary policy committee is scheduled to hold its first meeting of the year 2023, today, Thursday, to discuss the fate of interest rates.

The central bank’s monetary policy committee decided at its last meeting on December 22 to raise interest rates by 3% to reach 16.25% and 17.25% on deposit and lending yields.

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