Yen rising against dollar

Yen has seen a slight uptick against the US dollar after the Fed’s meeting yesterday. Some speculate that the yen, just like other fiat currencies, reacted positively because of lack of guidance presented by Jerome Powell, Fed Chairman. Analysts also believed Powell would sound more hawkish than he actually was.

More market movers from category

Brazilian real gains 4% in one day 🔥

The Brazilian real increased by 4% versus the dollar, trading at about $5.2. BRL strenghtens as investors cheered an unexpectedly close outcome in the first round of the presidential elections. After no candidate receives a majority of more than 50% of the vote, the contest will proceed to a runoff scheduled for October 30.

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.

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.

More market movers

Newcastle coal drops sharply 📉

After Newcastle coal grew above the $420 level from March to $450 in September, it fell by 8% in one day below the $400 per tonne mark. Coal is falling as China pledged to raise coal production capacity by 300 million tonnes. This is about the equivalent of China’s yearly imports.

Bovespa rose by 5.5% in one day 🚀

Bovespa, a Brazilian stock index, rose 5.5% in a single day, close to 116,000, a level not reached since April. This is because of the first round of the presidential election. Results revealed that President Jair Bolsonaro of Brazil’s far-right party surpassed polls and still has a chance to win.

RBA raised interest rates by 25 bps

The Australian ASX 200 Index climbed strongly from a critical low and gained 3.75% to 6,700. The Reserve Bank of Australia surprised the markets with a modest 25 bps rate increase to 2.6%. This led to a drop in the Australian dollar and bond yields and supported an increase in equity prices.

Brazilian real gains 4% in one day 🔥

The Brazilian real increased by 4% versus the dollar, trading at about $5.2. BRL strenghtens as investors cheered an unexpectedly close outcome in the first round of the presidential elections. After no candidate receives a majority of more than 50% of the vote, the contest will proceed to a runoff scheduled for October 30.

Silver skyrockets 🚀

Silver futures are up 8% and hit $20.3 per ounce on the first trading day of Q4 of 2022. Silver is up by almost 15% in just one week.

Tesla stock drops 7%

Tesla trades at $246, down 7% in a single day. Looking back, the stock dropped 10.51% over the last four weeks and is down 40% from its all-time high.

News

Weekly macro report – Inflation-linked bonds are attractive

This macro report will be slightly different from the others. We will look at some assets where we see solid logic and will try to explain the BoE moves.

Tesla delivers record number of vehicles in Q3

Tesla delivered 35% more vehicles to customers in Q3 than in Q2. However, it's still less than expected and the stock is falling.
Gold sparks to $1700 – what happened?
XAU
2.08%

Gold sparks to $1700 – what happened?

The weaker US manufacturing index negatively impacts the US dollar and helps gold reach the level of $1700.
USD/JPY tests cycle highs near 145
0.23%

USD/JPY tests cycle highs near 145

A cautious uptrend is still seen in the USD/JPY pair, despite fears of another BoJ intervention.