Market Recap | 28-Mar-2024

During Asian trading on Thursday, the dollar index showed little movement and remained close to one-month highs as traders awaited inflation data and speeches from Federal Reserve officials to gain further insights into interest rates tomorrow, Friday.

Meanwhile, oil prices rose in Asian trade on Thursday due to expectations of reduced supplies, particularly with decreased Russian production, positioning crude for a strong performance in the first quarter of 2024.

Gold prices remained stable in light of Personal Consumption Expenditures (PCE) data and the focus on speeches from Fed officials.

However, trading volumes on Friday could be subdued as the U.S. stock and Treasuries markets will be closed for the Good Friday holiday.

The GBP experienced a slight increase, rebounding from its one-month low last week, after the Bank of England Governor Andrew Bailey reported to the Financial Times that rate cuts “were in play” this year.