COMMODITIES The Federal Reserve gave the oil market a reprieve on Wednesday. Traders and investors say it is only a matter of time before a growing supply glut again pulls its weight. The benchmark U.S. oil price snapped a six-session losing streak, rallying sharply in the last half-hour of trading, amid a broad upswing in financial markets. Spot WTI settled on $44.69 a barrel. Gold prices surged more than 2 percent on Wednesday, on track for the biggest rally since January after the Federal Reserve signalled a more cautious outlook for U.S. economic growth. The metal currently trades at $1,168.40.
FOREX The dollar plunged across the board on Wednesday after the Federal Reserve signalled an interest rate increase as early as June but slashed interest-rate projections over the next few years and downgraded its outlook for the economy. The greenback posted its largest one-day fall in six years against the euro and sterling. The dollar basket trades at 97.77, 2.2% lower. The Australian dollar has hit a two-week high against the greenback, following the aforementioned commentary from the federal reserve. The Kiwi and Canadian dollars followed suit, ending up over 1% against the dollar. The AUD sits at US$0.7744. Sterling fell before the FOMC meeting as the BoE waded into the debate over the value of major currencies on Wednesday, warning about its impact on inflation. The currency bounced along with other majors following the fed comments, to $1.4949