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The European trading session, on Wednesday, was quiet for the second consecutive day. The U. S. dollar became further steadier earlier in the European session, but it is now following a more mixed trading pattern, with the sterling tracking lower as it moved away from key resistance near 1.3800.
Gold’s gains began for the second straight session at $1,780 per ounce, after Fed Governor Christopher and the President said inflation is expected to stay longer, meaning that any decision on interest rates could take some time.
In the cryptocurrency market, bitcoin reached $66,000, following the first US-based ProShares Bitcoin Strategy ETF, the ProShares Bitcoin Strategy ETF (ETF) was launched for the first time on Tuesday.
Economic Data
Eurozone stock price index in the euro area was announced. The final index revision on a rise to 3.4% on an annual basis, in line with the initial 3.4% market expectations.
As for the indices, the data published by Statistics Canada was published Wednesday, the annual index in the Consumer Price Index (CPI), rising to 4.4% in September from 4.1% in August. This reading is higher than market expectations of 4.3%. Canada’s BoC index which excludes volatile food prices, rose to 3.7%.
Other Developments
The most significant development during the trading session was Bundesbank Chief Jens Weidmann’s stepping down; five years after his term expired; joining other dissenting European Bank members who have resigned in the past.
Russian President, Vladimir Putin, stated that he is concerned about natural gas shortage and energy crisis in Europe. Putin added that plans are set to support families in the European Union.
