Open: New York Session | Forex, Metals, Oil, Agriculture December 09, 2022

A member of the National Guard plays a trumpet during a flag rai

Currencies

Futures climb US futures climbed ahead of the data while the dollar trimmed some of its earlier losses.

Metals

Meanwhile, the Council of the European Union sanctioned eight people, including a Belgian gold trader, for their links to human rights abuses and conflict in Congo. Gold could even hit $3,000 next year, Saxo says. Gold and oil rose, while Bitcoin was range-bound at around the $17,000 level.

Oil

2 economy and its top supplier of crude.

United States

The main data releases in the US today cover producer prices and consumer sentiment via the University of Michigan release. In each instance, the dynamic flipped when the Fed had reached the terminal rate of past hiking campaigns. The US is preparing fresh sanctions on Russia and China for what it describes as human rights abuses by both countries, a source says. The degree to which effective Fed funds fall below 10-year yields matters for the read-through.
But unlike 2001, 2007, and most recently, 2019, we know that the Fed is nowhere near its end destination. On Dec. 13, President Joe Biden will host the US-Africa Leaders Summit in Washington DC where trade is likely to feature prominently. S&P 500 futures rose 0.3% and Nasdaq 100 contracts were up 0.4% as of 5:35 a.m. New York time.

China

Which country is planning new controls on exports of chipmaking equipment to China, aligning it more closely with US curbs on Beijing?

Europe

London’s Big Bang dropped from post-Brexit plan.

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