Market News 27/9
✨Good Tuesday, everyone! The markets are trying to recover as the US dollar has softened. As a result, #EUR/USD# #GBP/USD# #XAU/USD# and other assets showed modest gains since the start of the trading day. Let's look at the main market news we can observe throughout the day.
📈Yesterday, the FOMC member Mester confirmed the need for further rate hikes. She also said that the economy needs several months of decline to conclude inflation has peaked. According to her, the Fed won't lower the interest rate in 2023. This is a sign of a longer-term USD strength.
🤩BTCUSD (Bitcoin) managed to stabilize above $20 000 over the night amid improved risk sentiment. If the crypto stick above the 200-week SMA, we may see Bitcoin moving higher to the $28 000 resistance area.
📉People's Bank of China lowered CNY against the USD to the new minimum of June 30, 2020. USDCNH is trading near its highs at 7.15.
🏭Russia's gas pipelines Nord Stream 1 and Nord Stream 2 have collapsed mysteriously overnight. First, the gas leak from Nord Stream 2 was discovered near Denmark, causing the pressure in the pipeline to drop from 105 to 7 bars. Shortly after, two more gas leaks were found on the Nord Stream 1 pipeline between Swedish and Danish waters. In estimating when the system's working capability would be restored, the network operator said it was impossible to give such a timeline. Gas prices in Europe have already gained 3.5% since today's trading.
🔻Goldman Sachs lowered the forecast for Brent in 2023 from $125 to $108 amid the economic slowdown. However, long-term forecasts remain bullish.
👀Russia's Deputy Chairman of the Security Council of the Russian Federation, Dmitry Medvedev, says Russia has the right to use nuclear weapons if necessary.
🗣Today, Fed Chair Powell will participate in a panel discussion about digital currencies at an event hosted by the Bank of France at 14:30 GMT 3. His comments may shake stocks, crypto, and the USD.
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Key events for today:
Speech by the Fed Chair Powell - 14:30 GMT 3
Speech by the FOMC Member Bullard - 16:55 GMT 3
CB Consumer Confidence - 17:00 GMT 3
Edited 27 Sep 2022, 18:50
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