Swiss frank surprisingly declines

After the Swiss National Bank increased its rate by 75 basis points, the Swiss franc declined to 0.977 vs the US dollar. This event surprised those investors who were anticipating a stronger frank.  However, the action brought borrowing costs into the positive column for the first time since 2011.

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GBP remains volatile

The Bank of England announced that it would start making temporary purchases of long-term UK government bonds on September 28 in order to restore orderly market conditions. The British pound remained volatile, first rising to above $1.08 before dropping to $1.05.

Indian Rupee suffers losses

The Indian rupee hit a record low of 81.7 and is on track with the retreat of riskier currencies. This is due to recession fears and expectations of a hawkish Federal Reserve policy. Pressure on the rupee is also contributed to an increase in capital outflows from the country.

Serbian Dinar weakens

As a result of the Fed’s aggressive rate hikes, Serbian Dinar hits an all-time low against the US Dollar. USD/RSD rose 0.62% to 121.6800 from 120.9300 in the previous trading session.

EUR/USD below 0.98

The eurodollar fell under $0.98 for the first time in 20 years. This is just two days after Fed increased its interest rates by 75 bps and strengthened the dollar.

Swiss frank surprisingly declines

After the Swiss National Bank increased its rate by 75 basis points, the Swiss franc declined to 0.977 vs the US dollar. This event surprised those investors who were anticipating a stronger frank.  However, the action brought borrowing costs into the positive column for the first time since 2011.

Russia lowering interest rates

As expected, the Central Bank of Russia lowered its interest rates by 50bps to 7.5% during its September 2022 meeting. It was the sixth consecutive rate cut as current consumer price growth rates remain low. USD/RUB is up by 1.34% for the day.

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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.

GBP remains volatile

The Bank of England announced that it would start making temporary purchases of long-term UK government bonds on September 28 in order to restore orderly market conditions. The British pound remained volatile, first rising to above $1.08 before dropping to $1.05.

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.

DAX hit 12,000 mark

European equities markets declined sharply, with the German stock index DAX hitting a two-year low of 12,000. The stock index is pressured by the hawkish monetary policy of central banks, which could draw DAX even lower.

Indian Rupee suffers losses

The Indian rupee hit a record low of 81.7 and is on track with the retreat of riskier currencies. This is due to recession fears and expectations of a hawkish Federal Reserve policy. Pressure on the rupee is also contributed to an increase in capital outflows from the country.

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.

News

EUR/USD remains offered, targets 0.95
-0.83%

EUR/USD remains offered, targets 0.95

It looks like another bearish day for the single currency as the USD remains unstoppable.
Do Kwon allegedly tried to run with 3,313 bitcoins
BTC
1.59%

Do Kwon allegedly tried to run with 3,313 bitcoins

While Do Kwon claims he is not on the run, he keeps hiding while being chased by Interpol. Allegedly, he tried to withdraw 3,313 BTC.
USD/JPY tests previous highs despite negative sentiment
1.01%

USD/JPY tests previous highs despite negative sentiment

The US Dollar traded higher on Tuesday, boosted by the risk-averse sentiment in the markets.

Severe explosions damage Nord Stream pipelines

Swedish and Danish gauging stations massive underwater explosions where the Nord Stream pipeline subsequently started leaking gas.