Dollar weakness after the Fed hold lifts GBP and eases gold, while tech earnings and crypto volatility dominate headlines.

Global markets opened with a modestly risk‑off tone as the U.S. dollar slipped following the Federal Reserve’s decision to keep policy rates unchanged. The move helped lift the pound above the 1.33 level against the dollar for the first time in four sessions, while gold steadied above $4,000. Meanwhile, earnings from Microsoft and Chipotle provided a boost to equities, and Bitcoin volatility fell to its lowest level since 2023.

Currencies and central banks

The Fed’s 10‑2 vote to hold rates at 3.75‑4.00% was largely expected, but the accompanying press conference revealed a few nuances that kept traders cautious. Chair Kevin Warsh refrained from labeling overall financial conditions as tight, even as credit conditions continued to tighten. The comment sparked a modest retreat in gold and a slight pull‑back in the dollar, allowing GBP/USD to climb back above 1.33, with the pair finding support just above 1.3250 – its lowest since mid‑October. Euro‑zone policy remained in focus, with the European Central Bank set to announce its main refinancing rate, monetary policy statement, and press conference later in the day, all expected to carry high impact.

Gold and commodities

XAU/USD slipped 0.21% to around $4,039 after Warsh’s remarks, but the metal stayed above the psychologically important $4,000 mark. Silver fell sharply, dropping more than 1.4% to $53.60 per ounce as investors awaited further Fed guidance. In the oil market, West Texas Intermediate reversed a two‑day decline, buoyed by ongoing geopolitical tension in the Middle East that continues to embed a risk premium in crude prices.

Crypto

Bitcoin rallied above $81,000 on the Fed hold but its realized volatility fell to 2023 lows, according to Glassnode, indicating a calmer market despite the high price. Ethereum edged up about 1% to $2,350 after the same policy decision. However, the sector faced a negative note as Datavault AI reported an inability to withdraw its Bitcoin holdings from Biconomy, prompting a restatement of four financial reports tied to a $150 million deal. In Canada, Bitcoin‑backed mortgages are being introduced, but lenders warn borrowers of liquidation risk if the cryptocurrency price drops.

Stocks

Tech stocks led gains, with Microsoft shares jumping 4% after Azure revenue surged 48% and the company beat both earnings and revenue expectations. Chipotle saw a 7% rise after its CEO highlighted continued same‑store sales growth, noting an unexpected outperformance by low‑income customers this quarter. Ford reported mixed third‑quarter results – earnings beat estimates while revenue fell short – and signaled 2027 earnings will align with this year’s levels. Alphabet and Microsoft are set to report later, providing a focal point for options traders.

Key calendar events (next 24 h)

• 12:30 UTC – USD Advance GDP q/q – high impact
• 12:30 UTC – USD Core PCE Price Index m/m – high impact
• 12:30 UTC – USD Advance GDP Price Index q/q – medium impact
• 12:30 UTC – USD Unemployment Claims – medium impact
• 13:15 UTC – EUR Main Refinancing Rate – high impact
• 13:15 UTC – EUR Monetary Policy Statement – high impact
• 13:45 UTC – EUR ECB Press Conference – high impact
• 23:30 UTC – JPY Tokyo Core CPI y/y – medium impact

Related news

• Ethereum gains 1% after Fed holds rates, Coinbase premium stays negative
• Gold slips after Fed holds rates, pce inflation data in focus
• Bitcoin faces fresh pressure after Fed’s hawkish rate hold
• Usd/jpy returns below 158 after fed's decision

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This article is compiled from international market news for information only. It is not investment advice.