Rate hike expected despite a slowing US GDP estimate

Later tonight, US quarter-on-quarter GDP growth is expected to slow from 2.6% to 2.0%. But with a high inflation rate and multiple Fed officials proposing more rate hikes, the US is expected to raise interest rates by 25 basis points next week.

USD/CAD edged up 8 pips to 1.3635, and USD/JPY slipped 10 pips to 133.66. EUR/USD rose 67 pips to 1.1040, and GBP/USD increased 58 pips to 1.2467. AUD/USD declined 28 pips to 0.6598.

Spot gold fell 8 to 1,989.4 an ounce. Although US crude-oil stockpiles decreased by 5.05 million barrels, WTI oil futures closed $2.70 lower at $74.38 a barrel. Bitcoin and Ethereum both recovered quickly to 28,862.0 and 1,917.07 respectively.

In response to Microsoft's impressive earnings report, its stock prices surged 7.24%, leading the Nasdaq 100 to advance 81 points to 12,806. Meanwhile, the S&P 500 slid 15 points to 4,055, and the Dow Jones Industrial Average plunged 228 points to 33,301.