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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

Daily summary: US stocks mixed after FOMC minutes. Oil under heavy pressure

9:32 pm 22 February 2023

  • European indices finished today's session lower with  Stoxx 600down 0.4% dragged down by mining and banks sectors. DAX closed slightly above flatline as German business morale improved further to an eight-month high, while CPI reports from Germany and France suggested inflation in Europe's largest economies will remain high for some time. 
  • Wall Street indices are swinging between gains and losses after publication of latest FOMC Minutes. Few officials favored raising it by 50bps, while all participants continued to anticipate that ongoing increases would be appropriate until data provided confidence that inflation was on a sustained downward path to 2%, which was likely to take some time.

  • Earlier FED Bullard said that the US economy is stronger than policymakers previously thought and the Fed should only slow down once it's got to the terminal rate. Bullard projects rates at 5.375%.

  • Energy commodities trade mixed. Natgas bounced off recent lows around $2.0, while oil fell over 2.5% as recession fears in the US put pressure on prices. Meanwhile Russia intends to reduce crude exports from western ports by a quarter in March/February, while Morgan Stanley has raised its global oil demand forecast for 2023 by 36%, an increase of 1.9 million bpd.

  • Precious metals erased early gains and are trading lower amid a slightly stronger dollar. Gold again approaches the crucial support zone around $1830, while silver once again bounced off resistance at $22.00 and pulled back below $21.60 level. 

  • The Australian dollar is the worst performing G10 currency today, dragged down by disappointing data, however AUDUSD sellers are unable to break below the crucial support zone around the 0.68 mark. NZD strengthened against other major currencies, boosted by RBNZ 50 bp rate hike. EURUSD pair continues to hover above the 1.06 level.

  • RBNZ governor Orr said in the evening that there are some early signs that inflation is abating, however core inflation remains too high.

  • Major cryptocurrencies fell sharply on Wednesday. Bitcoin tested $23,600 level, while Ethereum briefly dropped below $1600 support.

OIL price continues to move within the main downtrend. Recently, buyers again failed to break above EMA 100, which, according to the classical assumptions of technical analysis, points to potential move towards the recent lows. Source: xStation5

The content of this report has been created by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, (KRS number 0000217580) and supervised by Polish Supervision Authority ( No. DDM-M-4021-57-1/2005). This material is a marketing communication within the meaning of Art. 24 (3) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MiFID II). Marketing communication is not an investment recommendation or information recommending or suggesting an investment strategy within the meaning of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulation (EU) 2016/958 of 9 March 2016 supplementing Regulation (EU) No 596/2014 of the European Parliament and of the Council with regard to regulatory technical standards for the technical arrangements for objective presentation of investment recommendations or other information recommending or suggesting an investment strategy and for disclosure of particular interests or indications of conflicts of interest or any other advice, including in the area of investment advisory, within the meaning of the Trading in Financial Instruments Act of 29 July 2005 (i.e. Journal of Laws 2019, item 875, as amended). The marketing communication is prepared with the highest diligence, objectivity, presents the facts known to the author on the date of preparation and is devoid of any evaluation elements. The marketing communication is prepared without considering the client’s needs, his individual financial situation and does not present any investment strategy in any way. The marketing communication does not constitute an offer of sale, offering, subscription, invitation to purchase, advertisement or promotion of any financial instruments. XTB S.A. is not liable for any client’s actions or omissions, in particular for the acquisition or disposal of financial instruments, undertaken on the basis of the information contained in this marketing communication. In the event that the marketing communication contains any information about any results regarding the financial instruments indicated therein, these do not constitute any guarantee or forecast regarding the future results.

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