{"id":70366,"date":"2022-08-18T02:25:13","date_gmt":"2022-08-17T22:25:13","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=70366"},"modified":"2022-08-18T02:29:08","modified_gmt":"2022-08-17T22:29:08","slug":"market-drivers-us-session-wednesday-august-17","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-drivers-us-session-wednesday-august-17\/08\/18\/market-updates\/","title":{"rendered":"Market Drivers \u2013 US Session \u2013 Wednesday August 17"},"content":{"rendered":"\n

The US dollar finished Wednesday higher against most major rival currencies on Wednesday, despite suffering a near-term retreat following the release of the FOMC Minutes.

The US dollar posted modest advances against safe-haven currencies, with USD\/CHF trading around 0.9510 and USD\/JPY at 135.00.

Gold trades at $1,762.70 per ounce at the time of writing, extending its weekly slide, while crude oil prices spent the day consolidating losses. WTI is changing hands at $87.50 a barrel.

Economic Data
<\/strong>
Prior to Wall Street\u2019s opening bell, Retail Sales in the US stayed virtually unchanged at $682.8 billion in July, the data published by the US Census Bureau showed on Wednesday.

This reading followed June\u2019s increase of 0.8% and came in slightly weaker than the market expectation of +0.1%. \u201cTotal sales for the May 2022 through July 2022 period were up 9.2% from the same period a year ago,\u201d the publication further read. \u201cThe May 2022 to June 2022 percent change was revised from up 1.0% to up 0.8%.\u201d

On the other hand, the EIA said that it expects the global oil demand to rise by 2.1 million barrels per day in 2023 to surpass the pre-Covid levels at 101.8 million bps. \u201cDemand growth is expected to slow from 5.1 mln bpd in 1Q22 to just 40,000 bpd by 4Q22,\u201d adds EIA. The report also mentioned that the world oil supply hit a post-pandemic high of 100.5 million bpd in July.

Other Developments
<\/strong>
FOMC minutes showed that US policymakers unanimously agreed to hike rates by 75 bps, seeing a slowing pace of hikes at some point. It also read that many Fed officials saw the hazard the Fed could tighten more than necessary. Furthermore, some participants said the policy rate would have to reach a \u201csufficiently restrictive\u201d level to control inflation and remain there \u201cfor some time.\u201d

The EUR\/USD pair managed to post modest intraday gains and settled around 1.0180, although the local GDP was downwardly revised. The GBP\/USD pair, on the other hand, remained under pressure and finished the day at around 1.2050.

Commodity-linked currencies were among the weakest, with AUD\/USD now trading around 0.9630 and USD\/CAD just above 1.2900. The NZD\/USD is down to 0.6270, as the New Zealand dollar retained its strength despite RBNZ Governor Orr saying they did not consider a 75 bps rate hike and lifted the main rate by 50 bps.

Also Read:<\/strong><\/p>\n\n\n\n

Prominent UK Politician Blames Putin For British Energy Crisis<\/a><\/p>\n\n\n\n

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Gold rallies on FOMC minutes<\/a><\/p>\n\n\n\n

EUR\/USD hits a daily high after FOMC minutes<\/a><\/p>\n\n\n\n

Fed\u2019s Bowman: Labour market continues to be strong<\/a><\/p>\n\n\n\n

Gold\u2019s further selloff conditioned on FOMC minutes\u2019 signals<\/a><\/p>\n\n\n\n

FOMC Minutes: Rate could reach enough level to control inflation<\/a><\/p>\n\n\n\n

Oil surges after EIA report<\/a><\/p>\n\n\n\n

Equities fall, Treasury yields rise ahead of FOMC minutes<\/a><\/p>\n\n\n\n

US Dollar Surges Ahead Of FOMC Minutes<\/a><\/p>\n\n\n\n

Could FOMC Minutes point to resize Fed\u2019s future rate hikes?<\/a><\/p>\n\n\n\n

Tesla shares trade at $906 during Wednesday\u2019s crash<\/a><\/p>\n\n\n\n

AUD\/USD retreats ahead of FOMC Minutes<\/a><\/p>\n\n\n\n

Expectations On Australian Employment Report<\/a><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The US dollar finished Wednesday higher against most major rival currencies on Wednesday, despite suffering a near-term retreat following the release of the FOMC Minutes. The US dollar posted modest advances against safe-haven currencies, with USD\/CHF trading around 0.9510 and USD\/JPY at 135.00.Gold trades at $1,762.70 per ounce at the time of writing, extending its …<\/p>\n","protected":false},"author":13,"featured_media":52794,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[7770,8143,6846,6871],"class_list":["post-70366","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-fomc-minutes","tag-interest-rate-hikes","tag-oil","tag-usd"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/70366","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=70366"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/70366\/revisions"}],"predecessor-version":[{"id":70373,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/70366\/revisions\/70373"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52794"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=70366"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=70366"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=70366"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}