Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?
News Pushes Oil Prices Down
Hello everyone, and welcome to Wednesday! Let's find out the most exciting and essential news for traders.
- Today, the Federal Reserve will update the interest rates at 21:00 GMT+3 and hold a press conference. The regulator is expected to deliver another quarter-point interest rate rise as inflation mounts. At the same time, we need to keep an eye on the comments by Fed Chair Powell as the Fed seeks to find a balance between the credit contraction from the banking sector and stubbornly high inflation.
- Stocks of the regional US banks fell to the lowest level since 2020 after the crash of the First Republic Bank. The Nasdaq KWB index that tracks the performance of the banking sector's stocks was down by around 5%.
- Turkey announced it had discovered a big oil reserve with a capacity of 100K barrels per day. President Recep Tayyip Erdogan says Turkey will no longer depend on others for energy but become an energy exporter.
- The oil prices extended their slide after the bad US JOLTS Job Openings Data released on Tuesday and an announcement from Turkey. XBRUSD slid by more than 6%.
- Coinbase launches an international exchange amid growing tensions between the crypto exchange and the US regulator.
- USDJPY keeps falling after the lower-than-expected US data. Yesterday, BOJ Governor Ueda said that Asia's risks are smaller than in other regions.
- Today, Tripadvisor and Qualcomm are posting their earnings reports. Both releases are expected at 23:00 GMT+3.
XBRUSD technical analysis
XBRUSD broke below the descending trendline and started moving lower. The first support on its way lies at $71.40. This is a strong enough support level from which we may expect a rebound. The first resistance is located at $75.50.
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