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Sources: CoinDesk Bitcoin , Kraken all other cryptocurrencies Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. News that the country might ease quarantine restrictions for visitors abroad from 10 to 7 days spurred a jump in oil prices. The Organization of Petroleum Exporters Countries OPEC and its allies decided to cut oil production amidst the weakened global economic outlook, threatening to tip the largest economies into a recession.
The US dollar dives on Fed easing speculation. Precious metals appreciate against a softer USD A news report by the Wall Street Journal has suggested Federal Reserve officials are open to debate on how to signal a smaller rate hike in December. Furthermore, an alleged intervention by the Bank of Japan and the Japanese Finance Ministry has sent the yen surging across the board.
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Still, the dollar sell-off could only be a temporary one. The currency pair maintains a bearish bias. Today, the fundamentals could drive the price. Later, the US data could be decisive. Dollar Index price technical analysis: Ranging The Dollar Index slipped after failing to take out the The bias remains bullish as long as it stays above the uptrend line. A new bullish momentum could force the USD to dominate the currency market. As long as it stays below this line, the bias remains bearish.
As a result, the eurozone risks entering a deeper recession than the US. Safe haven The US dollar has been steadily strengthening across the board. Since then, safe-haven flows have continued as fears of slowing global growth and stagflation have ramped up. The US stock market fell into bear market territory in late June, and the bond market saw the two- and year bond yields invert — often recognised as a recession warning. While Europe could be more likely to experience a recession than the US, given its proximity to the Russian war and its dependence on Russian gas, there is also a rising possibility of a US recession.
As inflation in the US rose to a year high, the Fed quickly ended its bond-buying programme and started a rate-hiking cycle. The Fed then raised interest rates by a further 75bps in three consecutive meetings on 16 June, 27 July and 21 September, lifting the benchmark overnight borrowing rate to a range of 3. The Fed has signalled that it will continue to hike rates to tame inflation, which it expects to come in at 8. To alter the fundamental picture, there must be a marked decline in inflation in the United States, which would lower the pressure on the Federal Reserve to raise interest rates, or evidence of recession in contrast to labour market indicators.
However, with CPI still rising — most recently coming in at 8. Is there any sign of a turnaround? For reference, 0. Look out today for another soft set of PMI releases across Europe and the eurozone. While it may only deliver bp of the bp tightening currently priced by the market, our team now look for a eurozone technical recession in Q4 and Q1 This will weigh on procyclical currencies like the euro, sterling, the Swedish krona and many currencies in CEE.
The EUR is hardly robust but regaining parity is a psychological boost for the currency. Gains yesterday through key trend resistance off the Feb EUR high are holding and what was resistance now becomes key support 0.
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