Close: London Session | Forex, Metals, Oil, Agriculture November 10, 2022

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Currencies

From the article: I want FTX to be a place where you can do anything you want with your next dollar. The dollar climbed to session high, rising against all G-10 currencies, barring Sterling.

Metals

Meager rains have resulted in a historic drought on America s main waterway, forcing traffic of everything from grains to coal and steel to a crawl. Gold bug | For the world s second-biggest buyer of gold among central banks last quarter, there s hardly such a thing as too much bullion. The silver lining for UBS: While job losses would likely exceed 1 million, that s mild relative to history. Gold was little changed, and US oil benchmark futures fell below $85 a barrel.

United States

Credit card balances are rising, a sign an increasing number of households are running out of savings, UBS economists led by Arend Kapteyn wrote this week. Inflation outlook The all-important inflation data is out in the US later today, with expectations for a fall in the headline number, from 8.2% y/y to 7.9%. UBS Group AG economists tally the current cushion at $1.5 trillion, down from a peak of $2.3 trillion last year. With fiscal stimulus unlikely to come to the rescue, the team concluded that we think the US is headed for a hard landing.
The Fed hasn t been that aggressive given it started hiking later than many and its actions have been mirrored elsewhere. Exit interview | Retiring Chicago Fed President Charles Evans says it s time for policymakers to slow their rate hikes. Only two Black women have ever held office in the US Senate. S&P 500 and Nasdaq 100 futures made modest gains as of 6:00 a.m. New York time. Abortion rights won big in the US midterm elections.
The US Northeast is hurtling toward a winter heating crisis.

China

In the past, Beijing has largely avoided any mention of Taiwan at such events and vigorously opposed Taipei s attempts to participate in international forums, including the COP summits.

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