Close: London Session | Forex, Metals, Oil, Agriculture November 02, 2022

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Currencies

So if you invoice in the dollar, then it makes sense to finance trade financing in dollars because you re going to be receiving dollar cash flows. Going to post the answer here, since it’s important for people to understand how difficult it is for a meaningful shift away from the dollar on a global scale. Asset managers will have a preponderance of dollar securities dollar assets more generally. Bloomberg s dollar gauge trended lower, allowing for small gains across most Group-of-10 currencies.

Metals

Oil and gold climbed slightly, while Bitcoin traded flat.

Oil

Exxon Mobil Corp. posted $24.4 billion in operating cash flow for the third quarter, rocketing the oil giant to the top of the S&P 500 Index. Sustainable finance in brief How big is Big Oil?

United States

In the 2010s, a big story was that low rates from the Fed couldn’t generate inflation. It s quite likely that we either are or will soon be in a recession, certainly in Europe but potentially also in the US. Fed Chair Jerome Powell will deliver the outcome of t View in browser It s Federal Reserve day, China locks down iPhone City, and US pharmacy chains pay up. Quiet markets S&P 500 futures were little changed as of 5:24 a.m. in New York, while Nasdaq 100 contracts rose 0.1%.
Fed policymakers in September penciled in a 4.6% peak federal funds rate. In the US, business activity contracted in October for a fourth straight month. Some relief | The October ISM adds to the sense that disinflationary trends in the US are continuing in the goods sector, Bloomberg Economics says. The Fed delivers its decision at 2 p.m., followed by Powell s press conference 30 minutes later. At some point, the Fed cannot keep hiking by 75.

China

Yet unverified talk of a shift in President Xi Jinping s Covid Zero policy has nonetheless gripped traders and sparked an epic rally in the nation s stocks.

Europe

Hawkish message | The ECB will have to continue raising borrowing costs to fight record inflation, according to two of its top policymakers.

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