Central banks’ comments suggest hawkish shift in policy stance | IFCM Italy
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Central banks’ comments suggest hawkish shift in policy stance

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    2023/02/27
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The US stock market and the ICE US dollar index fell last week. US stocks closed higher on Monday despite a renewed retreat of technology shares. Treasury yields declined after weaker than expected durable goods report: durable goods orders fell 1.1% in May. SP 500 fell on Tuesday after Senate Republicans delayed the vote on health care legislation until after the July 4 holiday. The dollar weakened on euro jump after European Central Bank President Mario Draghi said the ECB could adjust its policy tools of sub-zero interest rates and massive bond purchases as economic prospects improve in Europe. Fed Chair Yellen repeated her stance that rates overall would remain low for some time and would be raised gradually. S&P 500 posted biggest one-day gain in 2 months on Wednesday as financial shares rallied after 34 biggest US banks passed the Federal Reserve’s stress test. Nasdaq Composite recorded its best day in eight months.

The US stock market slumped on Thursday with losses in technology shares offsetting gains in financial sector as the selloff of tech stocks resumed. Treasury yields edged higher, the ICE dollar index extended losses as investors priced in the possibility of the central banks’ shift to tightening stance sooner than previously expected after hawkish comments by ECB and Bank of England heads Draghi and Carney. In the UK the Bank of England Governor Carney suggested on Wednesday that there’s a limit to the Bank of England’s tolerance for above-target inflation. The US stock market closed higher on Friday as new home sales in May, preliminary June readings for manufacturing and services PMIs advanced, albeit less than expected. The SP 500 ended the week 0.5% lower and the US dollar index fell 1.65% for the week. The most anticipated report this week is the June jobs report due on Friday in US. On Tuesday the Reserve Bank of Australia will meet, the cash rate is expected to remain at 1.5%. UK Services PMI for June will be published on Wednesday and ISM Manufacturing index for the same month will be released in US on Thursday.

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