Open: New York Session | Forex, Metals, Oil, Agriculture September 29, 2022



The whole global economy is basically waiting for the US unemployment rate to tick up to 4%.Basically it’s normal for the dollar to surge in a crisis. The dollar strengthened for a third straight month in August, lowering the cost of imports and making exports more expensive. How much damage is a strong dollar causing? The dollar climbed versus all of its Group-of-10 peers.


The EU proposed a new package of sanctions that would ban European companies from shipping Russian oil to third countries above an internationally set price cap. Source: NOAA; Bloomberg Best of Bloomberg Opinion Trussonomics Mess Has France Fearing Contagion: Lionel Laurent Peak Oil Has Finally Arrived. Peak oil has finally arrived.

United States

That the Fed must keep pushing interest rates higher to contain inflation despite rising volatility in global financial markets, Chicago Fed President Charles Evans said. What’s different now, is that the Fed is in inflation fighting mode, and has a limited appetite for providing new dollars (monetary loosening). The highly prized HIMARS artillery system included in the US s latest $1.1 billion security package for Ukraine will take a few years to build, a Pentagon official said.
However, inflation is at 8% and the Fed won t have confidence it is sustainably falling until the unemployment rate rises a bit. The US currency has since gained even more as the Federal Reserve presses on with significant interest-rate hikes, signaling further difficulty to exporters ahead. Coming up… Fed s Loretta Mester and Mary Daly speak at events as investors focus on expectations the central bank will continue to deliver aggressive interest-rate hikes.
US monkeypox cases are declining in the US, driven by a growing vaccine supply and community-based outreach programs. Now, typically when we enter the things break stage the Fed is able to get dovish and arrest the move. Trump himself, having been exiled from YouTube since January 2021, broadcasts all his rallies on the site. The US Food and Drug Administration has also scheduled a meeting in November to review the accuracy of oximeters.