Thread: ForexMart's Forex News

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September 7. Macroeconomic events of the day | September 7​​​​​​​

The US stock market is declining on Wednesday after the end of the Labor Day holiday weekend. Investors are waiting for new economic data and comments from representatives of the US Federal Reserve System this week.

The next Fed meeting will take place only at the end of the month, but some Fed officials are expected to speak this week, including Jerome Powell. The Fed's Beige Book (economic summaries of regional banks) will be published today.

Market participants expect that the US regulator will continue to raise the rate by another 0.75 percentage points to combat high inflation.

What should I pay attention to today:

The Fed's beige book.

The periodic report of 12 regional banks of the Federal Reserve will give an idea of what is happening in manufacturing, services and other business sectors, as well as consumer behavior. The beige book will be published at 18:00 GMT.

The decision of the Bank of Canada on the rate

Another interesting event of the day will be the meeting of the Board of the Bank of Canada. The regulator is expected to raise the refinancing rate from 2.5% to 3.25%. Such a sharp increase could lead to a steady increase in the Canadian dollar.

Eurozone GDP

Gross domestic product in the eurozone increased by 0.8% in the second quarter of 2022, which exceeded the growth of 0.6% according to the second estimate and was the highest growth rate in three quarters. Despite the current growth, the energy crisis in Europe continues to cause alarm, as the region is cut off from a key natural gas pipeline just a few weeks before the onset of cold weather.

September 8. Truss will freeze gas and electricity bills for two years​​​​​​​

The new British Prime Minister Liz Truss has revealed the details of her energy plan: from October 1 and for two years, energy prices will be frozen. Now the average annual gas and electricity bill will not exceed 2,500 pounds.

The envisaged measures will cost the UK budget about 150 billion pounds ($172 billion). At the same time, Trass has not yet announced exactly how this assistance program will be funded.

Given that the new Prime Minister is actively in favor of reducing taxes on the population and has repeatedly spoken out against the introduction of a tax on excess profits of companies, it can be assumed that covering the difference between real energy prices and the amount that will be charged to citizens will be at the expense of government loans. In the future, they will be paid over the next 10-20 years by adding to consumers' energy bills.

According to Truss, the new measures will save each household a thousand pounds. The country already has support measures in the form of a discount on energy bills in the amount of 400 pounds this winter, which was announced under the previous British Prime Minister Boris Johnson.

September 9. The London Stock Exchange stopped trading after the death of Elizabeth II

Last night, the London Stock Exchange stopped trading after the news of the death of Queen Elizabeth II appeared. Trading should recover on September 9. In addition, the country's parliament, the government, as well as the legislative bodies of Scotland, Wales and Northern Ireland have also suspended their work.

Queen Elizabeth II of Great Britain has died at the age of 96, according to Buckingham Palace. Elizabeth became Queen in 1952, and this year she celebrated the 70th anniversary of her reign, the longest in the history of the country.

The new king of the country was the son of Elizabeth II, 74-year-old Prince Charles. The new British monarch will rule under the name Charles III.

The Bank of England announced that banknotes with the image of Elizabeth II will remain legal tender.

The British pound reacted to the news of the Queen's death by rising to the level of 1.1609. A little earlier, on the news about the deterioration of the Queen's physical condition, the British FTSE 100 index also started to grow, to the level of 7,382.60.

September 12. Economic events of the day | Great Britain

Monday started with a block of data from the UK – on the country's GDP and industrial production.

According to the country's national bureau of Statistics, the British economy grew by 0.2% in July, while analysts had forecast growth of 0.4%. It is noted that such a decrease was the result of a reduction in energy generation as a result of tariff increases in the country. In June, the UK economy shrank by 0.6%.

The volume of industrial production in July decreased by 0.3% compared to June. Analysts believed that the indicator would increase by 0.4%. In annual terms, industrial production increased by 1.1%, while experts expected an increase of 1.9%.

In June, industrial production decreased by 0.9% on a monthly basis, and increased by 2.4% on an annual basis.

In August, the Bank of England predicted that a recession would begin in the British economy at the end of this year, which would last until the beginning of 2024. Last week, the new Prime Minister of Great Britain, Liz Truss, announced a massive program of support for the population, promising to limit electricity and heating tariffs. It is reported that this program will cost the country's budget 100 billion pounds or more, which will further worsen its condition.

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September 13. Gold declines after the release of US inflation data​​​​​​​

The price of gold fell sharply on Tuesday after the publication of inflation statistics in the United States. Annual inflation in the country decreased to 8.3% in August after 8.5% in July. Analysts predicted an even bigger decline – up to 8.1%. The fact that the current indicator fell short of forecasts caused expectations of an even tougher approach of the US Federal Reserve System to monetary policy.

The daily minimum price for December gold futures was $1,706.95; the asset collapsed from the level of $1,742.75 per ounce. December silver futures are down 1.05% to $19.652 per ounce.

Analysts note that additional tightening of monetary policy in the United States will be positive for the dollar and the yield of the US government debt and negative, respectively, for commodities and assets used as a «safe haven». According to experts, 82% of analysts already expect the Fed's discount rate to increase by 0.75 percentage points, to 3-3.25% per annum.

Analysts are also confident that a rate hike in September is already a settled issue. Moreover, in November, the rate cut will most likely not happen.

September 14. Oil declines on U.S. inventory data​​​​​​​

World oil prices are declining on Wednesday morning amid a significant increase in its reserves in the United States.

According to the American Petroleum Institute (API), commercial oil reserves in the country unexpectedly jumped by 6 million barrels. At the same time, analysts expected a decrease of 200 thousand.

The publication of the IEA report and statistics from the Ministry of Energy of the country is expected this evening. If the official report confirms the growth of reserves, oil quotes will continue their decline.

On Wednesday morning, Brent quotes are near the level of $92.50 per barrel, having declined from the area of $93.80. The cost of North American WTI oil hovers at $87 per barrel.

In addition to the data on reserves, the upcoming speech by the President of the European Commission, Ursula von der Leyen, who is going to present a number of proposals to contain the oil crisis in her speech to the European Parliament, may have an impact on the dynamics of the market.

September 15. Ethereum has completed a long-awaited upgrade to its system​​​​​​​

Ethereum has completed an important long-awaited upgrade to its system – The Merge. It involves the transition of the altcoin from the Proof-of-Work protocol to Proof-of-Stake (PoS). This means that now the security of the blockchain will be provided not by miners, but by validators – users who have deposited and blocked their share of coins (stacking).

The main purpose of the update is to reduce the problems associated with the growth of the users number. The hard fork is aimed at increasing the speed, efficiency and scalability of the cryptocurrency network so that it can process more transactions and provide a higher level of protection.

The Merge has been in preparation for six years, and many consider it an important milestone in the history of cryptocurrency due to the potential material and ideological consequences. The update should show that a decentralized and public network can work in the most energy efficient way.

In addition, the transition to a new environmentally friendly Proof-of-Stake model will lead to a reduction in the impact on the environment. The new protocol will consume 99.95% less energy than the current mining model. Moreover, the transition of Ethereum to the Proof-of-Stake concept does not involve the use of video cards for mining. And this will lead to a further reduction in prices for graphics accelerators.

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