Last week, the Dow Jones went quite volatile, moving in the range of 32,814-33,226; and finally managed to obtain a weekly gain of 0.93%. US economic data is mixed, but the market response always seems to be linked to the discourse that the Fed will become more hawkish by setting the FFR above 5% throughout 2023, especially since the US GDP in 3Q22 managed to grow by 3.2% (higher than the consensus of 2.9%). The BOJ’s surprise move, which planned to increase long-term government bond yields by as much as 50bps, prevented DXY from breaking through the MA20 resistance at 104.78. BI’s Governor Meeting closed the 2022 monetary policy with the BI7DRR benchmark interest rate at 5.5% (up by 25bps as expected).
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