- European indices finished today's session mostly lower, with DAX hitting a fresh two-year low as another set of hawkish comments from central bankers and huge Nord Stream pipeline leaks dampened market sentiment.
-
Wall Street turned an initial rally into a selloff on Tuesday. S&P 500 and the Nasdaq fell 0.65% and 0.4%, respectively, while Dow Jones lost 0.70% and reached its lowest level since November 2020 despite climbing more than 300 pts earlier in the session.
-
The 2-year Treasury yield pared back its losses and the benchmark 10-year yield jumped to 3.97% after earlier decline, which put pressure on indices.
-
Investors also digested a slew of hawkish speeches, especially from Fed Evans and Bullard who believe that more rate hikes are necessary.
-
Additionally, a slew of upbeat economic releases supported the Fed's aggressive stance. New orders for US-manufactured capital goods rose more than expected in August, home sales unexpectedly rebounded last month, while the US Conference Board Consumer Confidence index increased more than expected.
-
Despite initial weakness the dollar index regained strength and is heading towards a fresh 20-year high of 114.5 reached in the previous session. As a result of greenback appreciation, EURUSD pair fell to a 20-year low of 0.9577, while GBPUSD pair erased early gains and resumed downward move, currently trading around 1.0675 level.
-
Currently USD and CHF are the best performing major currencies while EUR and AUD lag the most.
-
Oil prices rebounded despite a strong dollar, after Reuters reported that Russia at the next OPEC + meeting on October 5, will propose a production cut of 1 million bpd.
-
Strong USD and higher yields continue to put pressure on precious metals. Both gold and silver erased early gains and are trading around the flatline.
-
Similar moods prevail on the cryptocurrency market. Early in the session Bitcoin jumped well above the $20000 mark, while Ethereum tested $1400 level, however moods completely reversed in the afternoon. Now Bitcoin is trading below support at $19000 and Ether retreated to $1320.
Despite rebound attempts, prices of the main cryptocurrencies wiped out earlier gains in the second half of the day. Looking at the Bitcoin chart, a shooting star pattern may be forming on the D1 interval. If the sentiment does not change by the end of the session, it could be a trigger to attack the recent lows at $ 18,000. Source: xStation5
The material on this page does not constitute as financial advice and does not take into account your level of understanding, investment objectives, financial situation or any other particular needs.
All the information provided, including opinions, market research, mathematical results and technical analyses published on the website or transmitted to you by other means is provided for information purposes only and should in no event be interpreted as an offer of, or solicitation for, a transaction in any financial instrument, nor should the information provided be construed as advice of legal or fiscal nature.
Any investment decisions you make shall be based exclusively on your level of understanding, investment objectives, financial situation or any other particular needs. Any decision to act on information published on the website or transmitted to you by other means is entirely at your own risk. You are solely responsible for such decisions.
If you are in doubt or are not sure that you understand a particular product, instrument, service, or transaction, you should seek professional or legal advice before trading.
Investing in OTC Derivatives carries a high degree of risk, as they are leveraged based products and often small movements in the market could lead to much larger movements in the value of your investment and this could work against you or for you. Please ensure that you fully understand the risks involved, taking into account your investments objectives and level of experience, before trading, and if necessary, seek independent advice.