Close: London Session | Forex, Metals, Oil, Agriculture December 20, 2022

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Currencies

The dollar traded near its troughs of the day, feeling the pressure from the Japanese yen s surge of more than 3%.

Metals

Alongside the transatlantic dispute, both the US and Europe are weighing tariffs on Chinese steel and aluminum to fight carbon emissions and global overcapacity. Oil, gold and Bitcoin all rose.To catch up on the trading day in the UK and Europe, check out today s edition of City Latest. Where will oil, gold and Bitcoin trade a year from now?

United States

Need-to-Know Research Debate continues on the length of time it takes for Fed actions to have an impact on the economy in other words, how long the lags are. Kris View in browser Japan s central bank jolts markets, US lawmakers recommend prosecution for Trump and Elon Musk signals restrictions on Twitter polls. Fed Chair Jerome Powell himself has flagged that financial conditions tightened even ahead of the full thrust of policymakers interest-rate hikes.
The action adds to the legal and political troubles plaguing Trump s 2024 re-election bid, with some polls putting him behind Florida Governor Ron DeSantis for the Republican nomination. In the finale of a 17-month investigation, the panel voted unanimously Monday to refer Trump for prosecution by the Justice Department on four criminal offenses including insurrection. But first… Today’s must-reads The US is concerned China s runaway Covid-19 outbreak might spawn new mutations as the Chinese government grapples with loosening its Covid Zero protocols.
Whatever the BOJ calls this, it is a step toward an exit, said Masamichi Adachi, chief Japan economist at UBS Securities and a former BOJ official. Trump recommendation Donald Trump should be prosecuted for his role in the Jan. 6 assault on the US Capitol, according to a recommendation by a House of Representatives committee. Stocks retreat S&P 500 futures fell 0.2% as of 5:40 a.m. in New York, while Nasdaq 100 contracts saw declines of 0.4%.
Child care in the US is already stressed, and more pain is coming.

China

Covid easing | Hong Kong will further ease social distancing measures including rules on banquets, the city s leader said before a trip to Beijing.

Europe

James Whiteside Global head of multi-commodity research at Wood Mackenzie Whiteside raised questions about the EU’s planned pollution-import levy, saying there is little transparency around emissions associated with products.

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