GBPUSD tumbles 💷 Stocks touch lows ☔ SP500 & Nasdaq 📉 USD, EUR, GBP, JPY 💰 FED's PCE 🚦

FlowBank's hand-curated fresh financial news [header_noDither] 26.09.2022 Good morning FlowBankers! Here's the latest market news, hand-curated by our research team. The Big Story [Screenshot 2022-09-24 at 19.31.50] The sterling saw its largest one-day loss in years after Liz Truss’s new UK government delivered some of the most significant tax cuts in decades. The GBPUSD pair fell by more than 3.5% to below 1.085, bringing the year-to-date loss to 20%. An emergency interest rate hike from the Bank of England could be expected. [Start Trading](113/cXx8Z04/VW3zwc1w0V3_VMV1_-7NKkKnW7Y8zfc4QpFZfN2C5cyc2-MK5V1-WJV7CgTKlW5CPDBV7YcGhrW80_62M7cJjwhW2HyByL7Qmw_rW3YjZwb4fsyM6W20m2pL4mzKVyW1cYwVy7JC3vzN9jRVDsCX7KBW4-Q3P_6P_lzFVKT4t95-Y5gjVj_hD656XKQ5W90v5x15wcXppW4KDCv-5jM_9vW1m5rDR89PXSXW7D8yrH5nf6v4W3zMkrG8M1D_-W1w3PmV8pmJZzW4HCSFg5VwKFlVY7_rH4lpdPJW6XvshW6mmLrJW3MkxKG8HLqmw37XT1) Trader's Corner In focus this week • Stocks fell again, spooked by rising yields and fears that central banks may push the global economy into recession. US Equity indices are heading to test June lows. The question is will the support hold? • Central bank officials from the Fed, ECB, and BoE are all due to speak this week. Investors are watching for signs that a fourth consecutive 75 bps rate hike is coming up in November. • Lastly, on Friday, markets will watch the Fed's favorite inflation measure, the core PCE price gauge that excludes food and energy, expected to increase. A softer print could bring much-needed optimism. Economic data this week • US PCE, GDP, Durable goods, CB consumer confidence, Michigan inflation expectations, New homes sales, Pending homes sales, Retail inventories • EU CPI, Business climate, Inflation expectations • German CPI, GDP, Business climate • UK Current account, Retail sales Earnings this week • Micron, Nike, Jefferies • Bed Bath & Beyond • Ferguson, Synnex • Neogen, BlackBerry • Paychex, Cintas, Solaria Crypto • Bitcoin closed the week only slightly lower, near its November 2020 lows, despite fears the coming days could see risk assets fall further. • California Governor Newsom refused to sign a licensing and regulatory framework bill for crypto over the weekend, recommending a more flexible approach that would evolve over time, to keep consumers safe. [Screenshot 2022-09-24 at 18.30.07] [Start Trading](113/cXx8Z04/VW3zwc1w0V3_VMV1_-7NKkKnW7Y8zfc4QpFZfN2C5cyc2-MK5V1-WJV7CgB7dN4Tlv8g78xvKW60Jw5r41ZNr8W203WVD2C57N5W1PhDs45V6rpfW2MXHXl11bJQ-W5sZ2JR6dxTk1W2605694hlrTJN6qj_vZ2sLzQW2qsRVh80h9hcW46NDt27YbPBKW45NxJY4NJDvYW7tKGWQ4_0GPjW3QmW0-7Mm2WSW1b9B3b2FsF7xW6m338N4_-RqNN7X89FP9x3MDW57Dz7M86k8fTN6kdp_bkv2bRW5hxCLG5qH1PhW4FnQts2wsdXH3jw_1) Market Recap The selloff in markets deepened, with the S&P500 briefly breaching June lows. The fear gauge (VIX) topped 30, soaring to a three-month high. 10-year Treasury yields fell after earlier topping 3.75%. Meanwhile, two-year US rates climbed to 3.20%. The dollar surged to a fresh record, sweeping aside global currencies. The euro slid to its weakest since 2002, while the sterling hit a 37-year low. Commodities followed stocks lower, with oil (WTI) settling below USD79, now barely up 5% YTD. This morning, stock futures are pointing lower following the selloff in Asia. The USD is advancing as yields continue higher and the escalation in the Russia-Ukraine situation adds to the global uncertainty. Chart Of The Day Oil is headed for its fourth consecutive weekly loss and its first quarterly loss in more than two years as central bank officials around the world have stepped up the speed at which they are tightening financial conditions, in turn darkening the energy demand outlook. [oil Sept,23](113/cXx8Z04/VW3zwc1w0V3_VMV1_-7NKkKnW7Y8zfc4QpFZfN2C5cxX2-MJQV1-WJV7CgScXW118bT17cpmKfW8w3HcQ6ZNstyW2-t1DH2B950hW6S2rTz3zQ270W6kDK-T5j2WvnW8-kC1N3K0yklW1nZB0S6Gw4yxW7cYwVR36398SW5WDt676LDXGFW38t8Kn54kMKMW8mlm3f6V_9wpW4n6pzb26D24-W3C0wRF5LgX5hW5MmWY48tjthGVl56hl13wsLXW15ltxm6k6WkkW8_tV1d93HwN6Vst1pl64dST639SS1) FlowBank Blog Traders’ Positioning Shows Preference for Silver vs Gold Price [scottsdale-mint-xN4QdAn4aJw-unsplash](113/cXx8Z04/VW3zwc1w0V3_VMV1_-7NKkKnW7Y8zfc4QpFZfN2C5cxD2-MJwV1-WJV7CgPXPW68ys4M3NYkbSW1SN44J8dpWMXN3y3Bggb4-n3W37sDgn6_M2C7W8pPgjx7n4nPFV6Kf607zk0jgW7sF_ZZ1JpQMRW6F7bLN49nwQ7VPK_J57PN43HW3rLYV88bzYzpVps_Vy26B54JW1s0fgh55brWRW8jGwZm6Zfhn3W5VqhqK2rjxXWW1qj9MY754kfsW2HCYG92vpk053cyZ1) Action in the metals market is heating up. Gold prices have broken down to fresh lows for the year over the last week while silver prices have remained well supported. 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