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

672z311_1579281304_shutterstock_434098780

Currencies

The yen extended declines past 150 per dollar, inviting speculation over whether Japanese authorities would intervene to stem losses. The dollar was little changed, while oil and gold climbed.

Oil

In contrast, Russia already by far the largest Arctic energy producer is looking to expand oil and gas production.

United States

Today s Must Reads Hawkish talk | Federal Reserve Bank of Chicago President Charles Evans said US officials Fed may need to tighten more if price pressures get worse. The findings don t bind prosecutors to take action, but the case marks the first time a judge publicly stated Trump likely committed federal crimes. Beige book | The Fed sounded a note of caution on the US economy, which expanded modestly through early October with slowing activity raising recession concerns.
With the trajectory of the labor market so critical for thinking about the Fed, recession risks, and so on, every weekly claims number is a top-shelf datapoint. You do have to think about what the reasonable level is, said Bullard, who has become Wall Street s gauge for any Fed policy pivots. The US, France and the UK have called for a special United Nations Security Council briefing regarding evidence that Russia has procured Iranian drones for the war. Coming up The Philadelphia Fed business outlook survey for October is due at 8:30 a.m. in New York, along with initial jobless claims data.
St. Louis Fed President James Bulla View in browser Wall Street s Fed guru speaks, UK s Liz Truss fights for survival, and China debates quarantine changes. Almost none of the tech companies in the Nasdaq 100 are in the green for 2022 so far. It s a packed day for Fed speakers, with Patrick Harker and Michelle Bowman among those making remarks.

China

Xi s pledge to regulate wealth has stirred speculation Beijing may impose property and inheritance taxes on the rich in pursuit of its common prosperity goal.

Europe

German and French finance ministers showed little enthusiasm for new joint European Union debt instruments to provide financial support to countries struggling with the energy crisis.

0