Join Neofytos Hadjineofytou as he shares his notes for today’s financial market activities. He will talk about major news from Australia and the USA.
Market Update 07/02/2023
AUD – The Reserve Bank of Australia raised the interest rate to 3.35% from 3.10% as it continues to fight ongoing inflation. It is the highest ever in a decade, Philip Lowe the Governor of the reserve bank of Australia clearly said there will be further increase over the months ahead.
On the other side of the planet
USA – Fed Res. Chairman, Jerome Powell is scheduled to speak at the Economic club of Washington. His speech is awaited since he recently stated that disinflation occurred to a greater degree than expected, causing anticipation of what he will say next. Will his speech be dovish or hawkish?
Volatility can occur before and after his speech.
Follow up in the USA
USA – President Joe Biden will deliver his second state of the Union address today. President Biden is expected to highlight his past two years at office and his efforts, which includes the post covid recession, job creation, inflation fight and improve the nation’s infrastructure. He is also expected to announce his candidacy for next year’s presidential election.
Keep in mind that President Biden’s speech is after the US market closes, yet it could cause volatility in the Asian markets as well as the following day for both the European and American markets.
Neofytos Hadjineofytou from DB Investing shares his market updates everyday for free. Visit our social media accounts or check our website for more free analysis. You can visit our blog for an archive.