The Fed today removed the pledge to be patient that has kept a rise in interest rates in the distance for some time. It opens up the possibility for a June increase and many analysts are taking that as almost certain. The likelihood of a summer rate rise weakened the greenback and gave other currencies a boost, including the Canadian dollar. Earlier Asia’s markets had closed mostly higher ahead of the Fed announcement and Europe’s markets closed mixed with the UK’s FTSE index gaining strongly following the government’s budget speech.
The S&P/TSX Composite Index closed up 63.71 (0.43 per cent)
The NYSE closed higher (Dow was up 227)
Oil is trending higher (Brent $56.82, WTI $45.23 at 4.15 pm)
Gold is trending higher
The loonie is valued at U$0.7961 (at 4.15pm)