<ul><li>MON: Japanese Flash PMIs (Sep), German Ifo (Sep), US National Activity Index (Aug), German Prelim. CPI (Sep), Canadian Business Barometer (Sep).</li><li>TUE: NBH Policy Announcement; Chinese Industrial Profit (Aug), EZ M3 (Aug), US Building Permit Revisions (Aug), Durable Goods (Aug), Consumer Confidence (Sep), New Home Sales (Aug), Richmond Fed (Sep).</li><li>WED: BoJ Minutes (Jul); Australian Retail Sales (Aug), German GfK (Oct), Swiss Investor Sentiment (Sep), US Pending Home Index (Aug).</li><li>THU: Banxico Policy Announcement, Riksbank & CBRT Minutes (Sep); EZ Consumer Confidence Final (Sep), US GDP Final (Q2), IJC (w/e 19th Sep), Canadian GDP, UK GDP (Q2).</li><li>FRI: Japanese Unemployment (Aug), Chinese NBS & Composite PMIs (Sep), German Import Prices (Aug), Retail Sales (Aug), Swiss KoF (Sep), German Unemployment (Sep), EZ Flash CPI (Sep), Unemployment (Aug), US PCE Price Index (Aug).</li></ul><p class=“MsoNormal“>NOTE: Previews are listed in day-order</p><p class=“MsoNormal“>Italy Elections (Sun): </p><p class=“MsoNormal“>If polls hold true, the Centre-right coalition will comfortably secure a majority and likely be led by Brother’s of Italy’s Meloni. Note, the coalition has seen a slight dip in recent polling though remains on track for an outright majority of seats, despite being at around 45-48% of the vote. The coalition holds strong stances on increasing the deficit, easing the tax burden and lessening legislation (among other areas) to the benefit of domestic business. With regards to the EU, Meloni has committed to sticking to the Recovery and Resilience plan and has echoed Former PM Draghi in prudent language around the budget deficit alongside denouncing the Russian activity and pledging to support Ukraine; steps that have, incrementally, reduced the market-perceived risk of a Meloni government (evidenced via BTP-Bund, at the time). Although, it remains unclear as to how much influence The League’s Salvini and Forza Italia’s Berlusconi will have within the coalition and as such on government policy, thus keeping the “right wing” leadership market risk very much in play.</p><p class=“MsoNormal“>CBRT Minutes (Thu): </p><p class=“MsoNormal“>The Turkish Central Bank surprised markets with a 100bps cut to its One Week Repo Rate to 12.00%, against expectations for an unchanged outcome. The central bank cited the weakening effects of geopolitical risks on global economic activity, which continue to increase, and warned that since July leading indicators have been pointing to a slowdown in growth due to the weakening of foreign demand. The CBRT assessed that the updated level of the policy rate is adequate under the current outlook, and reiterated that it would continue to use all available instruments decisively within the framework of liberalisation strategy until strong indicators point to a permanent fall in inflation and the medium-term 5% target is achieved in pursuit of the primary objective of price stability.” The minutes will be eyed for further meat on the bones, but analysts seem united in their views that Turkish monetary policy is not based on conventional economic fundamentals. </p><p class=“MsoNormal“>Banxico Announcement (Thu): </p><p class=“MsoNormal“>Hot domestic inflation and a hawkish US Federal Reserve mean that the Banxico will likely lift rates by 75bps, analysts say. The recent bi-weekly CPI report showed unadjusted CPI of +0.44% (exp. 0.42%) in H1 September, as analysts were expecting, while consumer prices were unchanged at 8.8% Y/Y (exp. 8.7%). Pantheon Macroeconomics notes that underlying inflation pressures still remain elevated in Mexico, though a relatively stable MXN and tighter financial conditions are cushioning. „Conditions likely will improve over the coming months, as we expect domestic demand to soften and tighter monetary policy to bite,“ Pantheon writes, „improving supply chains, lower commodity prices and less-harsh base effects will also help to push inflation down to about 8.5% in October, then 8.2% in December and around 7.2% in March.“ but that said, Pantheon says that risks are tilted to the upside, and Banxico will continue to hike in the near term to bring inflation expectations under control. „Following the FOMC’s meeting, we now expect Banxico to hike by 75bps to 9.5%, followed by a terminal 50bps hike in November,“ PM writes, „but this outlook remains heavily conditional on the Fed.“ </p><p class=“MsoNormal“>China PMI (Fri): </p><p class=“MsoNormal“>China Manufacturing PMI is expected to fall a touch from 49.4 to 49.2; the Non-manufacturing PMI is seen easing to 52.3. ING’s analysts say the PMI data is expected to follow the declining trajectory of the previous months. „The worrying amount of COVID cases in China led to the tightening of measures in multiple cities including in the tech hub of Shenzhen, as well as a weeks-long lockdown in Chengdu,“ the bank writes, „this could contribute to falls in orders, employment and business confidence, leading to the Caixin Manufacturing PMI and NBS non-manufacturing PMI falling for the fourth straight month.“ ING says „the impact of the economy might be cushioned for large-scale and state-owned firms surveyed in the NBS manufacturing PMI as orders and input costs for these companies are stable and business sentiment is less affected, contrary to that of private companies.“</p><p class=“MsoNormal“>RBI Preview (Fri): </p><p class=“MsoNormal“>India’s central bank is expected to hike its key rate next week, with to 26 out of 51 economists calling for the central bank to raise the Repurchase Rate again by 50bps to 5.90%, while 20 forecast a 35bps rate increase, and the remaining analysts anticipate hikes between 20-30bps. At its last meeting, the RBI hiked its Repurchase Rate by 50bps amid mixed expectations of between 25bps-50bps, and said that a further calibrated withdrawal was warranted to keep inflation expectations anchored. It also noted that CPI inflation had eased from its surge in April, but remained uncomfortably high. The central bank also recently noted that it will have to front-load its monetary policy to fight stubborn inflation and shield medium-term growth in the economy as front-loading of monetary policy actions can keep inflation expectations firmly anchored and reduce the medium-term growth sacrifice. The latest key data releases from India suggests the central bank will continue with the current pace of hikes as inflation has remained stubbornly elevated and above the 2-6% tolerance range with CPI in August firmer than expected at 7.0% (vs exp. 6.9%), while the most recent Industrial Production disappointed at 2.4% (exp. 4.3%) and GDP for the April-June quarter was also short of estimates but firmly accelerated to 13.5% (exp. 15.2%, prev. 4.1%). Another factor that could compel the central bank to stick to the current pace of rate hikes is the continued policy normalisation by most of the major global central banks including the Fed and given that the INR recently extended to fresh record lows against the USD, as the RBI would likely want to avert further pressuring the currency by slowing down on its hiking cycle.</p><p class=“MsoNormal“>Eurozone Flash CPI (Fri): </p><p class=“MsoNormal“>Headline consumer prices are forecast to rise higher to 9.6% Y/Y from 9.1%, while the super-core metric is seen picking up to 4.6% Y/Y from August’s 4.3%. Anecdotal inflation commentary within the recently released flash PMI data was downbeat, with the general theme being supply-led price pressures being replaced by energy-induced inflation. “While easing raw material supply constraints helped alleviate some inflationary pressures, rising energy prices were widely blamed on a renewed acceleration of input cost inflation across both manufacturing and services. The overall increase in costs was the steepest since June”, S&P Global said, adding that “the challenge facing policymakers of taming inflation while avoiding a hard landing for the economy is therefore becoming increasingly difficult.” The ECB has said that the risks to the inflation outlook are primarily on the upside, while EUR depreciation does not help the situation, with EURUSD breaking below 0.9800 this week. The ECB itself raised its inflation projections at the recent policy meeting, with its 2022 estimate upped to 8.1% (prev. 6.8%), 2023 raised to 5.5% (prev. 3.5%), and 2024 lifted to 2.3% (prev. 2.1%). In wake of that meeting, sourced reports had suggested that the central bank could discuss a 75bps rate rise at the October 27th meeting if the inflation outlook warrants one.</p><p class=“MsoNormal“>US Personal Income, Spending, PCE (Fri): </p><p class=“MsoNormal“>Analysts at Credit Suisse expect Core PCE to rise 0.5% M/M (prev. +0.1%), pushing the annual measure up to 4.8% Y/Y (prev. 4.6%). „Core PCE inflation likely reaccelerated in August,“ the bank says, arguing that „the strength in core inflation has been broad, with goods prices rebounding alongside persistent strength in labor-intensive services and housing.“ Ahead, CS expects that goods inflation will moderate, but overall core PCE will still remain above the Fed’s 2.0% target into next year. This week, the Fed raised its forecasts for inflation; the central bank now sees core PCE at 4.5% by the end of this year (it previously projected 4.3%), moderating to 3.1% next year – the Fed sees core <a target=“_blank“ href=“https://www.forexlive.com/terms/i/inflation/“ target=“_blank“ id=“ad51a5a2-1afc-4f42-9e62-ea6faf6f90fa_22″ class=“terms__main-term“>inflation</a> at 2.1% at the end of its forecast horizon in 2025, but thinks that headline PCE prices will be at its 2% target by then. Meanwhile, personal income is expected to rise 0.3% M/M in August (prev. +0.2%), and personal consumption is seen rising 0.2% M/M (prev. +0.1%). CS thinks the report will paint a picture of flat real household spending; „goods demand continues to contract, with control group retail sales and unit auto sales negative for the month,“ it writes, „this continues to be offset by positive growth in services.“ In the near-term, CS argues that tightening financial conditions, slowing housing demand, and poor sentiment will continue to weigh on durable goods, but the bank sees overall consumer spending returning to positive growth in the months ahead.</p><p class=“MsoNormal“>For more research like this check out <a target=“_blank“ href=“https://newsquawk.com/daily/article/?id=2641-newsquawk-week-ahead-preview-highlights-include-fomc-pboc-boe-boj&utm_source=forexlive&utm_medium=research&utm_campaign=partner-post&utm_content=weekly“ class=“article-link“>Newsquawk</a>, or try their <a target=“_blank“ href=“https://newsquawk.com/?utm_source=forexlive&utm_medium=research&utm_campaign=partner-post&utm_content=weekly“ target=“_blank“ data-saferedirecturl=“https://www.google.com/url?q=https://newsquawk.com/?utm_source%3Dforexlive%26utm_medium%3Dresearch%26utm_campaign%3Dpartner-post%26utm_content%3Dweekly&source=gmail&ust=1663418600702000&usg=AOvVaw38IuI5hMqwzS8LK_B2nMIJ“ class=“article-link“>live squawk box</a> for 7 days free.</p>

This article was written by Newsquawk Analysis at forexlive.com.

<p>The major US stock indices are closing lower for the 4th consecutive day. For the week, the majors major indices are also down sharply.</p><p>Recall from this time last week, Adam warned that this week is the worst week on the calendar seasonally for equities, over the past 50 years.It lived up to that distinction this year as well. </p><p>For the trading day:</p><ul><li>Dow industrial average fell -186.29 points or -1.62% to 29590.42. The prior low close for 2022 came in at 29888.72</li><li>S&P index fell -64.78 points or -1.72% at 3693.22. The low close for the year came in on June 13 at 3674.85. The low price today did dipped below that level but bounced into the close</li><li>NASDAQ index fell -198.87 points or -1.80% at 10867.94. The June 13 low close for the year came in at 10798.35. The low price today reached 10732.72 below that level.</li><li>Russell 2000 fell -42.72 points or -2.48% at 1679.58. The June 13 low close was at 1665.69. The low price today intraday reached 1658.65 below that level</li></ul><p>For the trading week,</p><ul><li>Dow industrial average fell -4.0%. Last week it fell -4.13%</li><li>S&P index fell -4.65%. Last week it fell -4.77%</li><li>NASDAQ index fell -5.07%. Last week it fell -5.48% him</li><li>Russell 2000 fell -6.6%. Last week the index it fell -4.5%.</li></ul><p>Technically, the</p><ul><li>NASDAQ index closed below its 200 week moving average at 11094.95. Back at the June lows, the price moved below the 200 week moving average as well, but closed above the moving average the following week and stayed above that moving average.</li><li>Dow industrial average also closed below its 200 week moving average at 29752.11. The last time the price close below its 200 week moving average was back on it May 11: 2020</li><li>S&P index remains above its 200 week moving average at 3585.22.</li></ul><p>For the week, the technicals are not looking good for 2 of the 3 major indices. It is just one week and we have seen these false breaks before (see the weekly chart below) him. However, until the price can get back above and stay above, the sellers have control. </p>

This article was written by Greg Michalowski at forexlive.com.

<ul><li><a target=“_blank“ href=“https://www.forexlive.com/news/sp-global-us-services-pmi-492-vs-450-expected-20220923/“>S&P Global US services PMI 49.2 vs 45.0 expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/canada-july-retail-sales-25-vs-20-expected-20220923/“>Canada July retail sales -2.5% vs -2.0% expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/snbs-jordan-further-rates-cannot-be-ruled-out-ready-to-be-active-in-fx-20220923/“>SNB’s Jordan: Further rates cannot be ruled out. Ready to be active in FX</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/centralbank/powell-we-continue-to-deal-with-a-unique-economic-disruption-20220923/“>Powell: We continue to deal with a unique economic disruption</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/uk-chencellor-kwarteng-i-think-its-a-very-good-day-for-the-uk-20220923/“>UK Chencellor Kwarteng: I think it’s a very good day for the UK</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/a-hurricane-is-likely-to-hit-florida-next-week-20220923/“>A hurricane is likely to hit Florida next week</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/baker-hughes-oil-rigs-up-3-in-the-current-week-20220923/“>Baker Hughes oil rigs up 3 in the current week</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/italy-heads-to-the-polls-on-sunday-20220923/“>Italy heads to the polls on Sunday</a></li></ul><p>Markets:</p><ul><li>WTI crude oil down $4.64 to 78.84</li><li>US 10-year yields down 2.7 bps to 3.68%</li><li>UK 10-year yields up 33 bps to 3.83%</li><li>Gold down $27 to $1643</li><li>S&P 500 down 1.7%</li><li>USD leads, GBP lags (badly)</li></ul><p>Today’s price action was probably just an extension of the FOMC trade and the growing belief that Powell is going to over-tighten the economy into a recession. But the trigger was in the bond market, specifically UK bonds. UK 5 year notes had their worst day in recorded history, down 50 basis points(!). That came after a round of spending and tax cuts in Kwateng’s budget.</p><p>Coupled with that the pound cratered. It took out 1.10 for the first time since 1985 and then promptly took out 1.09 on a cascade of selling into the London fix. You’d expect a bounce after that but the USD bid was relentless and it fell as low as 1.0840. The 1985 low is now just 300 pips away and there don’t appear to be many buyers.</p><p>Even though EUR/USD fell 150 pips to a new low the euro still managed to put a beating on GBP. The problem for eurozone politicians is that the UK budget demonstrated what will happen to them if they spend too much or energy subsidies or do to much to stimulate growth. That puts them in a horrible predicament. Meanwhile, another 1.4% decline in the euro adds to imported inflation.</p><p>At one point early in the day a strong bid for Treasuries came in. That briefly looked like it could turn the mood and 10-year yields finished lower at 3.68% after touching 3.83%. The front end was also volatile with 2s in a range of 4.11-4.27%. At some point, you’d think there would be enough of a bid for safety to weigh but the bond bulls aren’t exactly stampeding at what’s been a brutal time for risk assets.</p><p>USD/JPY remains a major preoccupation as the game of chicken with the MOF gets underway. The pair added 94 pips today to 143.28. Everyone is eyeing the 145.00 and broad dollar strength makes it more likely that we’ll get back there.</p><p>The commodity currencies suffered as well but — oddly — the declines in AUD and NZD were about double CAD. The loonie has been skidding hard so maybe it’s a catch-up trade but it’s still unusual to see on a day when oil was down 5.4%. Canadian retail sales were also weak today and I think the evidence is mouting for the BOC to pivot.</p>

This article was written by Adam Button at forexlive.com.

<p>Monday</p><ul><li>10 am ET Collins </li><li>12 am ET Bostic</li><li>1230 ET Logan</li><li>4 pm ET Mester</li></ul><p>Tuesday</p><ul><li>6:15 am ET Evans</li><li>9:55 am ET Bullard</li><li>8:35 pm ET Daly</li></ul><p>Wednesday</p><ul><li>8:35 am ET Bostic</li><li>10:10 am ET Bullard</li><li>2 pm ET Evans</li></ul><p>Thursday</p><ul><li>1 pm ET Mester</li><li>4:45 ET Daly</li></ul><p>Friday</p><ul><li>9 am ET Brainard</li><li>1230 ET Barkin</li><li>4:15 pm ET Williams</li></ul><p>I’ll be shocked if we only hear from Bullard twice.</p>

This article was written by Adam Button at forexlive.com.

<p>The consensus on the Fed — which is something I said yesterday — is that „these morons are going to over-hike us into a recession“.</p><p>I get the sense that the FOMC is so desperate for a ‚win‘ on anything that they’re willing to wreck the economy just so they can live out their Volcker fantasies. </p><p>In any case, here’s a better Fed rant than anything I could write and given what’s happening in markets, this won’t be the last one.</p><blockquote class=“twitter-tweet“ data-partner=“tweetdeck“><p dir=“ltr“ lang=“en“>ICYMI: Wharton Professor Jeremy Siegel fired up on <a target=“_blank“ href=“https://twitter.com/HalftimeReport?ref_src=twsrc%5Etfw“>@HalftimeReport</a> over the Fed. We’re going to break it all down on Overtime. Tune in at 4PM ET! <a target=“_blank“ href=“https://t.co/ONe0cqDwcy“>pic.twitter.com/ONe0cqDwcy</a></p>— CNBCOvertime (@CNBCOvertime) <a target=“_blank“ href=“https://twitter.com/CNBCOvertime/status/1573387150338433025?ref_src=twsrc%5Etfw“>September 23, 2022</a></blockquote>

This article was written by Adam Button at forexlive.com.

<p>The price of Bitcoin has seen two quick $14K declines recently with one in May and one in June. The declines were quick. The market price consolidated after the moves. </p><p>Since June 19, the price has been consolidating between $17592 and $25400. More recently, the price moved up to test a downward sloping trend line. The move did move above the falling 100 day MA (blue line on the chart above) but could not sustain momentum (the trend line instead stalled the rally). Buyers had their shot above the 100 day MA. They failed thanks to the trend line. </p><p>The digital currency has moved back down toward the June low at $17592. The low this week got within $1000 of the low. </p><p>My question is „Are we in for another run to the downside?“</p><p>Given the consolidation, since June 19, the market may be ready. As mentioned as well, the buyers had their shot to take the price above the 100 day MA, but found willing sellers at the trend line. Bearish. </p><p>If the price is to go lower, all bets would be off if the price were to go above the 100 day MA at $21268. That is near the trend line too. With the price at $18664, the risk is somewhat high up to $21268.</p><p> Is there a closer risk level?</p><p>Drilling to the hourly chart below, the highs over the last few days moved above the 200 hour MA on September 21 but failed. Again buyers had their shot and missed. The subsequent highs on September 22 and today found sellers closer to that MA line. </p><p>As a result that MA would be a closer risk level at $19379. Stay below is more bearish. Move above is more bullish (stop). That is the risk. </p><p> A lower stop in the short term might be $19084 which is where the 100 hour MA is found. Today, the price moved below that MA and stayed below. That too is bearish and might be a closer risk defining level for traders looking for a quick opportunity.</p><p>Admittedly, those stopped can be triggered on a sneeze in bitcoin, but the idea is „it is time“ The price action is talking to me. </p><p>Hey…. bitcoin is not the easiest to trade, but the technicals are technicals whether looking at Bitcoin, Microsoft, oil or GBPUSD. The chart looks bearish to me with defined risk against either the hourly or daily MA/trend line. The reward on a break to a new 2022 low could see the pair move toward the $11,000 area if the pair gets another head of steam behind it. </p><p>Time will tell but that is what the charts are saying to me. </p>

This article was written by Greg Michalowski at forexlive.com.

<p>Headlines:</p><ul><li><a target=“_blank“ href=“https://www.forexlive.com/news/dollar-continues-to-run-hot-amid-sell-everything-mood-20220923/“>Dollar continues to run hot amid sell everything mood</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/markets-go-back-to-the-regular-scheduled-programming-20220923/“>Markets go back to the regular scheduled programming</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/uk-budget-anything-but-mini-20220923/“>UK budget anything but „mini“</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/uk-finance-minister-says-will-scrap-planned-increase-on-corporation-tax-20220923/“>UK finance minister says will scrap planned increase on corporation tax</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/uk-september-flash-services-pmi-492-vs-500-expected-20220923/“>UK September flash services PMI 49.2 vs 50.0 expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/eurozone-september-flash-services-pmi-489-vs-490-expected-20220923/“>Eurozone September flash services PMI 48.9 vs 49.0 expected</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/usdcny-pushes-past-710-as-yuan-decline-extends-further-20220923/“>USD/CNY pushes past 7.10 as yuan decline extends further</a></li></ul><p>Markets:</p><ul><li>USD leads, GBP lags on the day</li><li>European equities lower; S&P 500 futures lower by 1.2%</li><li>US 10-year yields down 5.5 bps to 3.765%</li><li>Gold down 1.4% to $1,647.13</li><li>WTI crude down 3.5% to $80.61</li><li>Bitcoin down 1.8% to $18,893</li></ul><p style=““ class=“text-align-justify“>After a frantic but historic day in markets yesterday, we are back to the regular scheduled programming today. It was pretty much a case of buy the dollar, sell everything else in European trading as markets settle down and stick to digesting the post-Fed narrative.</p><p style=““ class=“text-align-justify“>The pound was a notable mover as it tumbles by 2% at the lows against the dollar, with GBP/USD sliding below 1.1200 to 1.1020 on the day. That came despite the UK announcing its largest amount of tax cuts since 1972, in an effort to bolster the economy. UK rates surged higher but the currency continues to be routed despite the surprise. Emerging market much?</p><p style=““ class=“text-align-justify“>Elsewhere, the dollar is running riot as EUR/USD fell to its lowest in 20 years – down 0.9% to 0.9750. USD/JPY was tentative early on but buyers are feeling a little more confident now, pushing the pair up from 142.20 to near 143.00 on the session.</p><p style=““ class=“text-align-justify“>Meanwhile, USD/CAD is testing waters above 1.3500 while AUD/USD is down 1% on the day to 0.6575 currently with NZD/USD also dropping by 1% to 0.5790 as the rout continues. There’s just no better place than the dollar right now.</p><p style=““ class=“text-align-justify“>In other markets, bond yields shot higher after the UK budget announcement with Treasury yields also pulling higher across the curve. As for equities, the pressure continues with European indices selling off heavily and are down over 2% now while US futures are down over 1% ahead of the Wall Street open.</p><p style=““ class=“text-align-justify“>Commodities were not spared the drop with gold down over 1% to $1,647 while WTI crude is down over 3% and looking towards $80 next.</p>

This article was written by Justin Low at forexlive.com.

<ul><li>Prior 37</li></ul><p style=““ class=“text-align-justify“>That’s a big miss on estimates as the retail sales index tumbles to its lowest since April. Adding to the worries is that expected sales volume for the October month is seen declining to -13 after the jump in September (+31). With a technical recession already in place, it’s going to be a harrowing winter for the UK economy.</p>

This article was written by Justin Low at forexlive.com.

<p>itcoin has gained 3.8% in the last 24
hours to $19.4K. Quotes have stabilised near the lower bound of the three-month
range. Ethereum gained temporary support after falling below $1300 and is up 6.7% in
24 hours. </p><p class=“MsoNormal“>XRP jumped 28% overnight and 66% over the
week to $0.54, posting the highest gain among top-100 cryptocurrencies. There
are rumours that crypto whales have switched from ETH to XRP after the SEC and
Ripple Labs asked the court to speed up hearings for their case.</p><p class=“MsoNormal“>Other top altcoins are rising between 4.5%
(BNB) and 7.1% (DogeCoin).</p><p class=“MsoNormal“>Despite this upward move, the technical
picture does not yet point to a break in the downtrend, and widespread monetary
policy tightening leads us to expect further pressure on markets.</p><p class=“MsoNormal“>On the other hand, we see precious metal
prices rising with a 5% increase in crypto market capitalisation over the past
24 hours. This could be the start of a new trend, where investors are looking
at alternatives as a safe haven for capital due to concerns over the solvency
of countries.</p><p>News background</p><p class=“MsoNormal“>Changpeng Zhao, CEO of the world’s largest
cryptocurrency exchange Binance, said bearish trends are common and healthy for
the crypto market. He said the crypto industry still has room to grow, while
inflation and rising energy prices have drawn attention to cryptocurrencies.</p><p class=“MsoNormal“>According to Oklink, the recent drop in
Ethereum resulted from miners‘ activation. Mining pools have dropped almost
17,000 ETH in the last seven days alone.</p><p class=“MsoNormal“>The final version of the European Draft
Crypto Asset Markets Act (MiCA) equates NFTs with securities. Technically, the
MiCA is still open for amendments, but other reports suggest that the European
Union has finalised the bill’s full text.</p>

This article was written by FxPro FXPro at forexlive.com.

<p style=““ class=“text-align-justify“>As mentioned earlier <a target=“_blank“ href=“https://www.forexlive.com/news/markets-go-back-to-the-regular-scheduled-programming-20220923/“ target=“_blank“>here</a>, markets are going back to the regular scheduled programming after the major headlines from yesterday. The dollar is up across the board and pushing to fresh highs on the day now with GBP/USD down 1.5% to below 1.1100, even after the UK announced a massive fiscal package to try and bolster growth conditions.</p><p style=““ class=“text-align-justify“>Elsewhere, EUR/USD is down 0.9% to 0.9740 while USD/CAD is up 0.4% to above 1.3500, going in search of a test of its 61.8 Fib retracement level at 1.3651 next:</p><p style=““ class=“text-align-justify“>AUD/USD is also down 1.1% to 0.6565 as key technical support cracks under the pressure of the surging greenback.</p><p style=““ class=“text-align-justify“>This comes as markets are returning back to the sell everything mood again, with equities falling further on the day. S&P 500 futures are down 0.9% while European indices are down 1.0% to 1.4% across the board. Meanwhile, bonds are also not spared following the surge higher in UK yields. 10-year Treasury yields are now up 6 bps to 3.765% as the rout from yesterday carries over.</p><p style=““ class=“text-align-justify“>In the commodities space, gold is down 0.9% to $1,656.13 while oil is down over 2% to $81.63 at the moment.</p>

This article was written by Justin Low at forexlive.com.