Open: London Session | Forex, Metals, Oil, Agriculture December 15, 2022

TRADING-THE-LONDON-FOREX-OPEN

Agriculture

A third of Ukraine s corn crop remains unharvested in fields as winter sets in, adding strain on its vital farming sector.

Oil

The agency noted that the full impact of embargoes on Russian crude remains to be seen. Russia sets up oil-transfer site in Baltic Sea to ease tanker chaos.

United States

In a 45-minute press conference after the Fed hiked rates, Powell sought todispel any notion that the central bank would back away from its fight to bring down inflation. Investors on Wall Street seem to see the outlook for 2023 differently.

Europe

Of course, the situation is much more tricky at the ECB and the BOE, both expected to hike rates by 50 basis points today. Interest rates will likely rise by another 50 basis points when the ECB announces its decision, taking the deposit rate to 2%. Investors will also be closely watching ECB s blueprint for shrinking almost 5 trillion ($5.3 trillion) stash of bonds. The ECB and the BOE are among a clutch of central banks with their own policy decisions today.
Rate decisions by the BOE and ECB, markets aren t convinced by Powell and it s tough commuting in the UK.

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