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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

27 July

market news summary

The Federal Reserve has raised interest rates to the highest level in over 22 years. The decision was announced by the U.S. Federal Reserve, and it comes as no surprise as it was widely expected by the markets. The Federal Open Market Committee raised the interest rate by 25 basis points, bringing the borrowing costs to a range between 5.25% and 5.50%, a level not seen since early 2001.

Meta Platforms’ stock rose during after-hours trading on Wednesday following the American technology company’s announcement of higher-than-expected profits and revenues. The positive results were driven by the recovery of advertising revenues, and the company also issued optimistic forecasts for the third quarter of this year.

In the second quarter, Meta’s earnings per share reached approximately $2.98, surpassing market expectations, which were at $2.91 per share. Additionally, the company’s revenues amounted to $32 billion compared to market expectations of $31.12 billion.

Dollar Index (USDX)

US Dollar Index chart on 27 July 2023

The U.S. dollar index, which measures the performance of the American currency against six major currencies, fell to 100.43 dollars. This decline came after the Federal Open Market Committee raised the interest rate by 25 basis points, and opinions have been fluctuating regarding the possibility of keeping the interest rate unchanged in the upcoming meeting.

Pivot point: 100.85

Resistance levelSupport level
101.10100.50
101.45100.25
101.7099.90

Spot Gold (XAUUSD)

Spot Gold chart on 27 July 2023

Gold rose after experiencing significant price fluctuations during the Federal Reserve’s press conference yesterday. In spot trading, gold increased by more than 0.4% to reach $1980 per ounce.

Pivot point: 1970

Resistance levelSupport level
19791963
19871954
19951946

Dow Jones Index (DJ30ft – US30)

DOW JONES Index chart on 27 July 2023

On yesterday’s Wednesday session, the US stock market indices closed with marginal fluctuations, reflecting a mixed performance among technology leaders in the wake of the Federal Reserve’s decision to raise the interest rate by 25 basis points. The central bank’s move was accompanied by an indication that further rate hikes remain a possibility in the future.

Federal Reserve Chairman Jerome Powell stated in a press conference that the central bank will closely monitor economic data until the September meeting, but he also indicated that a rate cut is highly unlikely this year.

The Dow Jones Industrial Average rose by 0.23%, equivalent to about 82 points, marking gains for the 13th consecutive session. This achievement represents the longest daily winning streak since 1987.

Pivot point: 35630

Resistance levelSupport level
3580035465
3596035300
3612535140

US Crude (USOUSD)

US Crude chart on 27 July 2023

Yesterday, oil prices experienced a decline of approximately 1% following the release of data that revealed a smaller-than-expected reduction in US crude oil inventories. The drop in prices was further influenced by the Federal Reserve’s decision to raise interest rates by 0.25%.

Brent crude futures fell by 72 cents, or 0.9%, to $82.92 per barrel at the settlement. Meanwhile, the price of West Texas Intermediate (WTI) crude, the US benchmark, dropped by 85 cents, or 1.1%, to $78.78 per barrel.

Both crude oil benchmarks had earlier declined by over a dollar after reaching their highest levels in three months on Tuesday.

Pivot point: 79.05

Resistance levelSupport level
79.6078.35
80.2577.80
80.8077.15

Risk Warning

This material provides real-time market analysis from contributing analysts. Please note that any views expressed in this material do not constitute operational advice. It is important to assess your risk tolerance and make independent trading decisions. STARTRADER holds no responsibility for any trading consequences that may arise from relying on the views expressed in this material.