Gold waiting for Fed

Last week was a bit more volatile for gold, it seems like this precious metal has stabilized and is now waiting for Fed. On Wednesday, Fed will announce its rate hike decision, which has the power to influence the price of gold significantly. The higher the interest rate hike, the bigger dump can be expected, though markets can always surprise.

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UK natural gas jumps sky-high

UK natural gas reached their highest level in two weeks on Friday, rising by almost 50% to 380. The surge was fueled by increased demand from gas-fired power facilities as a result of slower wind speeds.  As of September 28th, gas storage facilities in the UK were 94.65% full.

WTI Crude oil recovers losses

Worries about limited global supply helped WTI crude futures rise 2% to $80, pulling away from 9-month lows at $76 earlier this week. Hurricane Ian caused a reduction in US crude output of around 190,000 barrels per day, or 11% of the Gulf’s total.

Nord Stream damaged & gas rises

Leaders in Europe thought the two explosions that destroyed the pipelines used to transport Russian natural gas to Europe were intentional. However, some officials accused the Kremlin of being behind the explosions, saying they were meant to be a warning to Europe. Meanwhile, EU gas is up 13% on Wednesday.

EU gas surges by 10%

After four straight days of losses due to concerns about future Russian supply, EU gas futures spiked 8% near €190. This may be due to the Nord Stream report of a pressure reduction at the two lines of Nord Stream and one line of Nord Stream 2.

Lumber is down 70% in 6 months

The housing sector is witnessing a dramatic slowdown and rising rates. As a result, lumber futures fell by 7% to $450, a level last seen in September 2021 and down nearly 70% from their March peak. In addition, August saw the seventh straight month of existing house sales declines, reaching their lowest level since May 2020.

EU natural gas rises repeatedly

On Wednesday, EU natural gas increased to over €200/MWh after falling by 50% in the last month to 170€/MWh. This might be because traders try to evaluate the forecast for gas supplies in winter. At the same time, President Putin signaled an expansion of the war in Ukraine by announcing a partial military mobilization in Russia.

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GBP rises after last week’s turmoil

On the first trading day of Q4, the British pound climbed up near $1.12, returning to levels not seen in nearly two weeks. GBP rose right after the finance minister Kwarteng said he would not cut the top 45% income tax rate for the largest earners.

UK natural gas jumps sky-high

UK natural gas reached their highest level in two weeks on Friday, rising by almost 50% to 380. The surge was fueled by increased demand from gas-fired power facilities as a result of slower wind speeds.  As of September 28th, gas storage facilities in the UK were 94.65% full.

EU inflation at record high

Inflation in Euro Area reaches a record high of 10%. Inflation increased to 17.2% in Poland, the highest level in 26 years and far more than the 16.5% market expectation. Portugal’s annual inflation rate grew to 9.3%, the highest level since October 1992. Italian inflation rose to 8.9%, the highest in nearly 37 years.

Warner Music Group & OpenSea

The American record company, Warner Music Group, has partnered with the NFT marketplace OpenSea. In an effort to increase fan participation and foster community, artists signed to Warner Music Group will have their own drop sites on OpenSea. This could increase the adoption of NFTs despite their massive drop in popularity in 2022.

US GDP shrank by 0.6% in Q2

Following a quarterly decline of 1.6% in Q1, the US economy shrank by an annualized 0.6% in Q2 2022. This matches the second estimate and proves the US had, in fact, entered a recession. US stock indices continue to dive lower.

German inflation is sky-high

The rate of consumer price inflation in Germany increased to 10.0% year-over-year in September 2022. Inflation surpassed market predictions of 9.4% and marked the highest level since 1951 when it peaked at roughly 11.0%.

News

Credit Suisse drops 10% amid market speculations

Investors are worried that the spike in credit default swaps may worsen the situation and cause a lot of problems.

A closer look at commodity extraction by fracking

Fracking is a method of gas extraction that has made the US in particular profitable over the last decade. In contrast, many countries in Europe have banned it.
Forex outlook: EUR/USD, CAD/JPY and GBP/JPY ★ Premium This content is only available for registered users - sign up for free now
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Forex outlook: EUR/USD, CAD/JPY and GBP/JPY

The forex market was very volatile last week, creating many trading opportunities. Let's look at three currency pairs and see what they offer.
Is there an end to Meta’s rapid growth?
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Is there an end to Meta’s rapid growth?

Meta Platforms will reduce the number of employees for the first time since its foundation. Budgets will be cut for most teams.