As the month kicks off, markets are reacting to notable developments. The Federal Reserve announced another 25-basis-point rate cut, marking its second consecutive reduction amid signs of cooling inflation. Nvidia reached a record market cap of $3.6 trillion following Trump’s return to the White House, fueling investor optimism. In contrast, gold dropped below $2,700 due to a stronger US Dollar, while EUR/USD neared 1.0800 under pressure from Trump’s tariff plans.
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Fed Lowers Interest Rate by a Quarter Point
On Thursday, the Federal Reserve announced its second consecutive rate cut, lowering the benchmark interest rate by 25 basis points in response to economic data showing signs of cooling inflation and a softening labor market.
With this 25-basis-point reduction, the federal funds rate now stands at a target range of 4.5% to 4.75%. This move follows a larger 50-basis-point cut in September, the first rate reduction since March 2020, which lowered rates from a range of 5.25% to 5.5% — the highest level since 2001.
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Nvidia's Market Value Surpasses $3.6 Trillion Following Trump's Election Victory
Shares of Nvidia ($NVDA) surged to a record high, making the chipmaker the first company in history to surpass a stock market value of $3.6 trillion. This milestone comes as Wall Street extends a rally sparked by Donald Trump's return to the White House.
The dominant AI chipmaker's shares rose 2.2%, buoyed by broad investor optimism about potential tax cuts and deregulation following the Republican candidate's election victory on Tuesday.
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Gold Price Drops Below $2,700 Amid Stronger US Dollar and Market Optimism
Gold ($XAUUSD) remains under pressure, trading below the $2,700 mark in the European session on Friday as the US Dollar gains strength. Market sentiment is buoyed by hopes that Trump’s policies will stimulate economic growth, reducing demand for safe-haven assets like gold.
Additionally, positive risk sentiment is stalling gold’s recent recovery from key support levels, with the 50-day Simple Moving Average (SMA) now in focus after hitting a three-week low on Thursday.
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EUR/USD Drops Below 1.0800 on Trump's Tariff Proposal
The $EURUSD pair approaches the 1.0780 level, pressured by renewed demand for the US Dollar. Trump's proposed tariff hikes weigh on the Euro (EUR) against the Greenback. Traders await upcoming US Michigan Consumer Sentiment data and a speech from Federal Reserve official Michelle Bowman for fresh direction.
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This concludes our weekly recap. Have a great weekend and see you next week! 👋
Derivatives are complex instruments and come with a high risk of losing money rapidly due to leverage. This is not investment advice.
