Sentiment shifted sour on expectations that the Fed will hike rates at the May 3 decision. Hence, the greenback advanced, as shown by the US Dollar Index, up 0.51% at 102.101. After reaching a YTD high of $83.46, WTI lost 3% after the Organization of Petroleum Exporting Countries (OPEC) announced the cuts of crude oil output.
The prospects for additional interest rate increases of the Fed had arisen and hurt WTI’s price. During the week, Federal Reserve officials in the names of New York Fed President John Williams, Governors Michelle Bowman, Lisa Cook, and Christopher Waller would be the latest policymakers to cross newswires before Fed officials enter the blackout period.
Waller’s comments last Friday spurred a jump in US T-bond yields, the US Dollar, and tumbled Gold and WTI prices. Waller commented that we “haven’t made much progress,” adding, “Monetary policy needs to be tightened further.”
Meanwhile, although the global economic outlook looks bright regarding China’s reopening, it would have a test of reality with the release of China’s Q1 Gross Domestic Product (GDP), March’s Industrial Production, and Retail Sales.
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