{"id":71100,"date":"2022-08-30T02:44:20","date_gmt":"2022-08-29T22:44:20","guid":{"rendered":"https:\/\/noortrends.ae\/en\/?p=71100"},"modified":"2022-08-30T02:48:46","modified_gmt":"2022-08-29T22:48:46","slug":"market-drivers-us-session-monday-august-29","status":"publish","type":"post","link":"https:\/\/noortrends.ae\/en\/market-drivers-us-session-monday-august-29\/08\/30\/market-updates\/","title":{"rendered":"Market Drivers \u2013 US Session \u2013 Monday, August 29"},"content":{"rendered":"\n

WTI crude oil is settling at $97.01; highest since July 29. Continuing clashes in the Libyan capital, Tripoli, are threatening oil supply, moreover, the OPEC+ meeting is also a concern as Saudi Arabia has threatened production cuts. Earlier on Monday, WTI oil moved above the $96 level as traders focused on protests in Iraq. Traders will likely stay focused on the developments in the country in the upcoming trading sessions.

The US dollar started the week with a strong footing but ended the day with modest losses. Market players were trapped between recession fears and hawkish policymakers hinting at tighter monetary policies, meanwhile, gold posted modest intraday gains and settled at $1,737 a troy ounce.


The EUR\/USD pair battles around parity, while the GBP\/USD pair settled just above 1.1700 after falling to a two-year low of 1.1647. AUD\/USD surged towards 0.6900 while USD\/CAD eased to currently trading around 1.3000. Safe-haven currencies are little changed against the dollar, with USD\/CHF trading at around 0.9680 and USD\/JPY at 138.70

Following the Jackson Hole Symposium, odds for a US Federal Reserve 75 bps rate hike rose above 70%, while market players are now seeing odds for a similar hike in Europe at 67%, up from 48% on Friday.


Economic Data<\/strong>

The economic calendar was scarce, although encouraging US data limited the negative mood during US trading hours, helping Wall Street to trim most of its early losses.

Other Developments<\/strong>
Government bond yields, on the other hand, edged higher, with European indexes soaring after hawkish hints from ECB officials.

The President of the European Commission, Ursula von der Leyen, put back on the table the energy crisis as she reported that the EU is preparing an emergency intervention in its energy market to drive down skyrocketing electricity prices.<\/p>\n\n\n\n

Also Read<\/strong><\/p>\n\n\n\n

Bitcoin Whales Increase By 103 Within 30 Days<\/a><\/p>\n\n\n\n

Housing bubble could threaten China\u2019s economy.<\/a><\/p>\n\n\n\n

Gold Back Under Pressure In New York Session<\/a><\/p>\n\n\n\n

Fed\u2019s Kashkari: All understand Fed is serious about getting inflation back to 2%<\/a><\/p>\n\n\n\n

WTI crude oil benefits from supply concerns<\/a><\/p>\n\n\n\n

Wall Street hits one month lows on rate hike worries<\/a><\/p>\n\n\n\n

ECB sets the scene for jumbo rate hike<\/a><\/p>\n\n\n\n

USD\/CHF hits one month highs above 0.9700<\/a><\/p>\n\n\n\n

Gold still under Jackson Hole hawkish effect<\/a> <\/p>\n\n\n\n

Goldman: Buy commodities now, worry about recession later<\/a> <\/p>\n\n\n\n

IEA: Russia\u2019s oil production did not fall as previously expected<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

WTI crude oil is settling at $97.01; highest since July 29. Continuing clashes in the Libyan capital, Tripoli, are threatening oil supply, moreover, the OPEC+ meeting is also a concern as Saudi Arabia has threatened production cuts. Earlier on Monday, WTI oil moved above the $96 level as traders focused on protests in Iraq. Traders …<\/p>\n","protected":false},"author":13,"featured_media":52669,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[37,36],"tags":[6856,6874,8431,9845,7164,8439,6871,7685],"class_list":["post-71100","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-forex-markets","category-market-updates","tag-economic-data","tag-gold","tag-iran","tag-iraqi-oil","tag-powell","tag-us-equities","tag-usd","tag-wti-crude-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71100","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=71100"}],"version-history":[{"count":3,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71100\/revisions"}],"predecessor-version":[{"id":71111,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/71100\/revisions\/71111"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/52669"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=71100"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=71100"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=71100"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}