Open: London Session | Forex, Metals, Oil, Agriculture November 24, 2022

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Currencies

Pershing owns a large notional position in Hong Kong dollar put options bearish wagers on the currency he said in a tweet. The releases for the euro area painted a similar outlook, that of a looming recession which might not be as deep as previously expected. The Fed decelerates, the largest iPhone factory pays workers to leave and Bill Ackman bets against the Hong Kong dollar. Stocks rallied and the dollar fell toward a three-month low on the news. Big Short Bill Ackman is shorting the Hong Kong dollar.

Oil

EU officials discussed setting the ceiling for Russian seaborne exports at $65 to $70 a barrel, far higher than many expected. Oil Tumble Oil held a drop as the European Union considered a higher-than-expected price cap on Russian crude and signs of a global slowdown increased. The EU s executive arm proposed a level of $65 a barrel, which Poland rejected as too generous to Moscow. West Texas Intermediate traded near $78 a barrel after losing 4% Wednesday.

United States

The minutes, released Wednesday, support expectations the Fed will raise rates by 50 basis points in December, ending a run of jumbo 75 basis point increases. Fed Slowdown Most Federal Reserve officials believe the central banks should slow the pace of interest rate hikes, minutes from its latest gathering earlier this month showed.

Europe

Chancellor Karl Nehammer first wants the governments of the two EU member states to show they are capable of protecting the bloc’s external borders. A final decision on suspending the funds would be made by EU member states next month. EU ministers are trying to sign off on suite of emergency measures when they meet in Brussels today, but it won t wrap up without a spat. Swiss Talks | Switzerland made some progress in its long-running talks with the EU and will continue negotiations to resolve differences that derailed a previous deal.
Earlier this week, Portugal s central bank chief Mario Centeno said that the ECB could slow down the pace. In Case You Missed It ECB Hikes | Slovenia s Central Bank Governor Bostjan Vasle signaled he backs another large increase in interest rates in December. Greece, with its shipping industry, didn t want to go below $70, the upper end of the EU s suggested range.

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