FOMC count down continues, Energy and Financial lift markets
US markets finished subtly higher as investors brace for FOMC decision. Energy and Financial sectors continue to outperform their counterparts, propelling indices into positive territory after yet another volatile session.
Energy giant BP jumped 8% after reporting its Q1 results which came atop of analysts’ top and bottom expectations while financial goliath JPMorgan, Citigroup and Bank of America also outperforming the broader market.
Downunder, the RBA’s interest rate decision bolstered AUD in early morning trade, sending AUDUSD to 0.71470 (+1.5%) before stabilising around 0.7100, a classic example of buy the rumour and sell the news. AUD bulls should watch for reversal as FOMC enters count down.
Posted May 4, 2022, 1:58 AM UTC
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