Open: New York Session | Forex, Metals, Oil, Agriculture October 27, 2022

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

Currencies

Bloomberg s dollar gauge climbed for the first time in three days, putting pressure on all Group-of-10 currencies. This is a busy moment for every level of climate capital, from early-stage venture capital to multibillion-dollar infrastructure. One-week risk-reversals for the euro — a gauge of its expected direction over that time frame — are still in negative territory. Euro s drop risks inflation via imports.

Metals

Oil was little changed, while gold and Bitcoin trended lower.

Oil

Global Headlines Crude adjustment | US officials are scaling back a plan to cap Russian oil prices and cut the Kremlin s revenues, amid growing risk in financial markets. ECB decision day, Russian oil price cap review and a radical overhaul at Credit Suisse. The kingdom is enjoying its moment, as oil money drives the fastest growth rate in the G-20. Occidental Petroleum CEO Vicki Hollub wants to sell you net-zero oil.

United States

Today we look at the US middle class ahead of the congressional elections, Saudi Arabia s boom and labor-market conundrums in the US View in browser Hello. Today we look at the US middle class ahead of the congressional elections, Saudi Arabia s boom and labor-market conundrums in the US and UK. Also today is the US gross domestic product report for the third quarter, with economists betting on a 2.4% jump from the previous three months. From our partners at What s driving Black voters in key states to head to the polls ahead of the US midterm elections this November.
Taiwan s subsea cables stretch thousands of miles and link Asian nations including China to the US and other parts of the world. China reaches out Chinese President Xi Jinping said his nation is willing to work with the US to find ways to cooperate. Middle-Class Peak There seem to be two sides to almost everything to do with the US economy these days. The rate hikes, Fed selling, and other macro drivers are more important.
Mixed markets S&P 500 futures were little changed as of 5:56 a.m. in London, while Nasdaq 100 contracts fell 0.4%. Part of it is the fact that the Fed is no longer a buyer of MBS (Mortgage Backed Securities).

Europe

Coming Up European shares are poised to decline as investors assess corporate report cards ahead of the ECB’s policy decision. Calls are mounting ahead of the decision for the ECB to take action on a collateral scarcity that is warping the market. The central bank is projected to hike by 75 basis points, with Christine Lagarde unlikely to be specific about the start date for QT. The ECB, meanwhile, is seeing relatively modest wage increases and can focus on policy normalization.

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