Key Points:
The Federal Reserve has priced in 100 points of cuts in 2024, this has been paired back to 75 points- the USD rallied on the news.
China’s biggest bank ICBC has been hit by a ransomware attack which has affected Chinese Treasuries.
Israel has agreed to 4-hour humanitarian passes in Gaza every day to allow people to get out and trucks carrying supplies to get in. There will be no military operations during these times. 80,000 people were evacuated through this 4-hour window yesterday. Meanwhile Israel attacks have hit a children’s hospital in Gaza particularly worrying as hospitals are considered “safe places”.
Markets are pricing in a small chance of a rate hike by the ECB (European Central Bank) mid-December with a 30% chance of a cut early in 2024.
The US Dollar (USD) has been the strongest currency this week while the Australian Dollar (AUD) has been the worst performer.