Morning wrap (19.09.2022)

5:39 AM September 19, 2022
  • Indices from Asia-Pacific traded lower today. Kospi dropped 1%, indices from China traded up to 0.9% lower and S&P/ASX 200 moved around 0.1% lower.

  • Liquidity during the Asian session was thinner as traders from Japan were off for holiday. Liquidity is also expected to be below-average in Europe as UK stock market will be shut for Queen Elizabeth II funeral

  • Joe Biden said that the US military would protect Taiwan in case of a Chinese invasion.

  • ECB Nagel said that more rate hikes will come in case current data trends continue

  • ECB Chief Economist Lane said that rate hikes will continue into 2023 and recession cannot be ruled out

  • Ethereum continues downward move following the Merge. Coin dropped over 5% over the weekend and continues to move lower on Monday

  • Moods on the overall cryptocurrency market are downbeat as well. Bitcoin drops 3.5% at press time and trades below $19,000 mark

  • Oil is trading little changed on Monday morning - Brent trades 0.2% higher while WTI trades flat at $85

  • Precious metals pull back as USD strengthens. Gold drops 0.3%, silver trades 0.7% lower and platinum slides 0.2%

  • USD and GBP are the best performing major currencies while CHF and NZD lag the most

Ethereum dropped to a 2-month low over the weekend and is testing $1,275-1,300 support zone now. Moods on the overall cryptocurrency market are poor as well with Bitcoin down over 3% and Ripple trading 7% lower. Source: xStation5

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