As of Thursday, Global markets turned heavily risk-off late after the Bank of England (BOE) raised concerns of double-digit inflation and economic challenges emanating from the same. The headlines were not only detrimental to the Sterling but also renewed fears that the prices pressures will push Fed toward faster rate hikes, which in turn allowed the greenback to reverse the post-Fed losses.
The risk-aversion wave drowned Wall Street and negatively affected the prices of gold, as well as Antipodeans. Brent oil, however, managed to stay firmer amid headlines from OPEC+ and Europe. Cryptocurrencies also plummeted as traders leave the riskier assets in search of the US dollar.
The condition remained downbeat during early Friday with eyes on the monthly jobs report from the US and Canada, as well as any confirmations on how inflation will push the Fed towards more than 50 bps of rate hikes.
Below are the list of major assets latest performances:
• Brent oil prints three-day uptrend around $111.00.
• Gold extends the previous days losses below $1,900.
• USD Index stays firmer around 103.60 after refreshing two decade high.
• FTSE 100 print mild losses while DAX and EUROSTOXX50 drop around 1.2% each.
• Dow Jones and S&P 500 slumped 3.12% and 3.56% respectively while Nasdaq nosdived almost 5.0%.
• BTCUSD and ETHUSD both remain pressured around the lowest levels since February, close to $36,000 and $2,700 in that order by the press time.
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