Following the aftermath of the possible interest rate hikes due before 2023 that was announced by the Fed Wednesday night, the market was very mixed as we saw commodities continue their selloff, as the Dollar continued to strengthen. The Nasdaq rallied well during the course of the day to recover all of Wednesday's losses to close the day out on a new all-time high as the price broke through $14 200. On the other side of the coin, the Dow Jones continued its selloff as the continued decline of the commodity markets didn’t do it any favours as it closed the day out on $33 819. The European Indices closed the day out positive as both the FTSE and Dax recovered well after an initial selloff to close the day out in the green.

Gold and Silver ended up being the biggest movers of the day as the inflation hedging precious metals got the wrong end of the stick as both continued the selloff in the post FOMC massacre that rampaged through the market with their Hawkish announcement.

Following this morning’s Monetary Policy Statement out of Japan, the Yen continues to gain strength, there is still Dollar strength in the market and the Euro gained some strength before the European Open. The Pound is the weakest currency this morning as it devalued against the major currencies.

Friday (SAST)
Tentative - Monetary Policy Statement (JPY)
- BOJ Press Conference (JPY)