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On Tuesday, the main markets were influenced by Jerome Powell's Friday message, which was presented at the Jackson Hole symposium
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As a reminder, according to the FED President, the central bank will fight inflation, which remains its biggest problem, and will not hesitate to use the tool of further aggressive interest rate hikes
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Although the major stock indices from the Old Continent began the session with an upward move, it was so quickly erased and eventually the day ended in negative territory for the vast majority of indices.
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London's FTSE100 lost 0.8%, while France's CAC40 closed 0.19% lower, with the DAX gaining 0.53%. Nevertheless, the "pullback" on the German index that we observed in the second half of the day was very dynamic, which does not augur well for the opening of tomorrow's session, especially if the negative sentiment persists also in the US session.
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The US indices began trading with declines, with the Russell2000 currently losing the most, with a decline of almost 2.5%, the technology Nasdaq is down 1.7%, while the S&P500 and Dow Jones are losing 1.4% and 1.17% respectively.
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As for currencies, the session was marked by a slight correction on the main currency pair, which is trading above the psychological barrier of 1.0000 in the evening hours. EURUSD added around 0.3% today. Nonetheless, looking at other major currencies, the strength of the dollar is further evident, gaining around 0.7% today against CAD, CHF and AUD, as well as 0.5% against GBP and 0.35% against NZD, while USDJPY remains in the region of the benchmark level
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With the USD still strong, we are seeing declines in the commodities market, precious metals are clearly losing, palladium is trading 2.8% lower, silver and platinum are losing 1.8%, and gold is off 0.72%
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Cryptocurrencies are not doing well on Tuesday, which has to do with the generally worse sentiment on risky assets
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After yesterday's correction, Bitcoin's quotations again returned below the $20K barrier, and if the current sentiment continues, an attack on the June minimum (around $18K) is not ruled out.
USDJPY realized the scenario we pointed out in early August. After rebounding from the support zone at 131.50, the quotes got to the peaks at 138.95. If this zone is exceeded, the upward movement could reach the levels of the outer Fibo -127.2% and 161.8%. Source: xStation5
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