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Market Analysis

October, 2022

  • 7 October 2022 12:34 pm

    Chip makers drop European Stoxx 600 index

    The pan-European STOXX 600 index declined on Friday, led by semiconductor manufacturers, after weak reports from Samsung and Advanced Micro Devices. At the same time, recession fears persisted amid signs that central banks will remain decisive in tightening monetary policy. The Stoxx 600 index was down 0.2 percent by 0704 …

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  • 7 October 2022 11:41 am

    U.S. bill pressuring OPEC+ after oil production cut gains momentum

    Top U.S. senators from both parties on Thursday gave momentum to a bill pressuring OPEC+ after the group announced a deep cut in oil production this week despite lobbying by President Joe Biden’s administration to keep the taps open. The so-called No Oil Producing and Exporting Cartels (NOPEC) bill gained …

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  • 7 October 2022 10:58 am

    Oil stabilizes as focus returns to US economic data

    Oil prices stabilized on Friday, before the announcement of important US economic data, after rising more than one percent in the previous session, after the decision of the OPEC + group of oil producers regarding production targets. By 0339 GMT, Brent crude futures fell 11 cents to $94.31 a barrel. …

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  • 7 October 2022 10:08 am

    Gold stabilizes ahead of US jobs data

    Gold prices stabilized on Friday, October 7, ahead of a US jobs report that may support investors’ expectations regarding the path of the US Federal Reserve to raise interest rates, and is heading towards the largest weekly increase since March. By 01:23 GMT, there was little change in gold in …

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  • 7 October 2022 5:56 am

    Market Drivers – US Session 06/10/2022

    The EUR/USD pair trades just below the 0.9800 figure, as worse-than-anticipated EU data added pressure on the Euro. Across the Atlantic, the US dollar recovered its positive momentum and closed Thursday with gains against most major rival currencies. The shy tone of global equities and soaring US Treasury yields enriched …

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  • 7 October 2022 2:23 am

    EUR/USD senses downside ahead of NFP

    As risk sentiment is still negative and the US dollar index (DXY) has not displayed any sign of exhaustion in the uptrend, consequently, the downside momentum in the EUR/USD could resume sooner.The EUR/USD is attempting to rebound from below 0.9800, while downside seems to be favored. The Dollar Index, DXY, …

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  • 7 October 2022 1:11 am

    Gold beaten back by stronger US dollar

    The price of gold returns back to flat on the day in what has been a correction of this week’s rally into daily resistance near $1,730. The price fell from a high of $1,725.60 to a low of $1,706.95 but held above the prior day’s lows despite firmer US yields …

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  • 7 October 2022 12:16 am

    Fed’s Evans, Waller, Mester Sang Same Hawkish Battle Song

    On Thursday, Fed speakers kept singing the same battle rhyme. Loretta Mester said the US central bank has more work to do to tame inflation and she has not seen the evidence needed to convince her that the policymakers can slow the pace of interest rate hikes as investors expect …

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  • 6 October 2022 11:10 pm

    EUR/JPY Extends its losses, drops towards 142.20s

    The EUR/JPY pair fell on Thursday, for the second straight day due to market sentiment that is turning sour, as portrayed by Wall Street’s performance as the stocks market is expected to finish the US session with losses.The US Fed policymakers remain committed to crushing inflation. At the time of …

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  • 6 October 2022 10:42 pm

    US Treasury yields continue climbing

    US Treasury yields continue to rise, boosted by the latest interest rate hike expectations. Treasury yields rose to 3.799% from the previous daily close at 3.575%.A report issued Thursday by the Economist’s Research and Analysis Unit said that the institution “expects further rate hikes by the Fed in November and …

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  • 6 October 2022 9:57 pm

    USD/CAD rallies sharply on BoC’s Macklem hawkish remarks

    The USD/CAD pair climbs above 1.3700 as traders eye a break of 1.3800 as they focus on Friday’s NFPs. The Bank of Canada’s Governor Macklem said, “further interest rate increases are warranted,” reiterating the BoC’s hawkish stance. The USD/CAD climbs sharply during the US session, as Fed officials remained focused …

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  • 6 October 2022 9:01 pm

    US Stocks Slide After Surging Jobless Claims

    The stock market fell Thursday after unemployment claims surged at levels that are not enough to convince investors the Fed will change its aggressive rate policy. Oil giants Chevron (CVX) and Exxon Mobil (XOM) led gains while food and beverage companies declined on earnings.The Nasdaq composite traded 0.1% lower, after …

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  • 6 October 2022 7:56 pm

    BoC’s Macklem: More rate hikes will be needed

    Bank of Canada Governor Tiff Macklem said on Thursday that further rate hikes will be needed since there is more work to be done on inflation. The USD/CAD pair’s performance ignored these comments and was last seen rising 0.8% on the day at 1.3725 and is trading at the time …

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