Important Market Events for March 23, 2016

March 23, 2016

Here are the most important events in the financial markets for today that every trader should know.

European Equities Recover from Brussels Attack

European stocks rallied today as markets recover from the terrorist attack on Brussels. The German DAX edged up by 1 percent, while France’s CAC40 gained by 0.7 percent.

British Pound Plunges Amid Worries on Brexit

The British pound continued to weaken against the greenback and the euro, as the Brussels attacks were seen as boosting the possibility of a British exit from the European Union.  

US Oil Futures Drop Ahead of Weekly Supply Data

The prices of oil were down today amid speculation that the weekly supply data, which is scheduled to be released later in the session will show that US crude stockpiles increased at a faster than anticipated pace during the previous year.

At the time of writing, US crude is trading lower by 2.41 percent, while Brent oil is down by 2.06 percent.

Greenback Surges to 1-week High on Hawkish Fed

The US dollar soared to a 1-week high against a basket of major currencies, supported by hawking comments by the Federal Reserve.

On Tuesday, Philadelphia Fed President Patrick Harker remarked that the US central bank should consider another interest rate increase as early as the following month. Moreover, he also said that he would prefer at least three hikes before 2016 ends.

On the other hand, Chicago Fed President Charles Evans asserted that he anticipates two more interest rate hikes this year, if the domestic economy stays on track.

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