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Huawei chief financial officer Wanzhou Meng has been arrested in Canada at the direction of the US Justice Department on alleged sale of american technology to Iran in violation of US sanctions; could add friction to Trump-Xi trade talk progress
#Fed
Bullard:
-Cryptocurrencies now part of world currency competition
-Currencies must retain their value and be reliable
No comments on Monetary Policy
FOMC Minutes:
- Participants indicated that the Committee should start preparing to reduce asset purchases as soon as possible
- Recent inflation estimates had increased due to supply constraints and labor shortages; increases are expected to be temporary
Fed Chair Powell:
- Central bank digital currencies are something we take very seriously
- Stablecoins could become systemically important overnight
- Fed is current studying risks surrounding stablecoins, is a high priority
#Fed
$USD
Bank of England:
-BoE ceased all bond buys on Friday 14 October
-As intended, these operations have enabled a significant increase in the resilience of the sector
President Trump announces on October 1, the $250 billion in tariffs will jump from 25% to 30% and the $300 billion in goods set to be taxed on September 1 will jump from 10% to 15%
Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule:
FTSE 100: 0.72%
France 40: 0.65%
Germany 40: 0.56%
Wall Street: 0.16%
US 500: 0.06%
View the performance of all markets via
Indices Update: As of 18:00, these are your best and worst performers based on the London trading schedule:
FTSE 100: -0.51%
France 40: -0.58%
Germany 40: -0.65%
Wall Street: -3.30%
US 500: -3.76%
View the performance of all markets via
Commodities Update: As of 18:00, these are your best and worst performers based on the London trading schedule:
Gold: -0.02%
Oil - US Crude: -0.24%
Silver: -0.90%
View the performance of all markets via
U.S. equity market futures erasing some losses after the Wall Street Journal reported that the Fed could begin to debate how and when to moderate rate increases at its next meeting $USD $NDX $SPX
FOMC Minutes from July meeting are out:
-Participants said the strength of the labor market suggests that economic activity is stronger than reflected by the second quarter, enhancing the prospect of an upward revision to GDP.
Bitcoin in retreat following Elon Musk's tweet about Tesla's suspension of accepting Bitcoin as payment and the environmental impacts of mining
$BTCUSD
#BTC
#Bitcoin
Saudi Arabia and OPEC are considering cutting oil output as soon as possible, instead of waiting until May according to the Wall Street Journal
#crudeoil
IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 94.63%, while traders in USD/JPY are at opposite extremes with 72.96%.
See the summary chart below and full details and charts on DailyFX:
Spike higher in GBP across the board
- GBPUSD jumps to 1.4240
- GBPJPY briefly hits 150.00
- EURGBP falling to the lows of 0.8544
No notable headlines behind the move
Fed Chairman Powell says 'if we have to raise rates more over time, we will'
Says the US will probably remain in a period of 'very low interest rates'
#FOMC
Fed Chair Powell:
-Fed policy is among many factors driving markets right now
-Will continue bond buying program at its current pace
-Will communicate well in advance before making future changes
$SPX $NDX $DJI $RUT
Fed's Powell:
- Extremely low interest rates are not acceptable right now
- If inflation does not fall, I am willing to increase by more than 25 bps at a meeting
FOMC Minutes:
- Participants agreed that as long as the recovery stayed on pace, a taper ending mid-2022 is reasonable
- Various participants noted that economic conditions will likely warrant keeping the Fed Funds rate at or near its lower bound for the foreseeable future
Forex Update: As of 10:00, these are your best and worst performers based on the London trading schedule:
🇦🇺AUD: 0.34%
🇨🇦CAD: 0.30%
🇪🇺EUR: 0.25%
🇬🇧GBP: 0.10%
🇯🇵JPY: -0.13%
🇨🇭CHF: -0.14%
View the performance of all markets via