A new trading week is coming…
UK Prime Minister is Going Confident
Good morning, dear traders! Hope you have a wonderful day! Let’s see what news we have for now:
Important events for today:
17:00 GMT+3, BoC Overnight Rate Decision.
Meta, Ford, and eBay earnings reports.
Rishi Sunak starts confidently
Yesterday, after a meeting with King Charles III, Rishi Sunak officially became the new Prime Minister of the UK. Sunak is extremely determined to strengthen the British economy. He has previously spoken out harshly about Liz Truss' politics. Besides, Sunak is really into cryptocurrencies, and from his submission, British legislators voted to recognize cryptocurrencies as regulated financial instruments.
The British Pound jumped to a 6-week high and UK bond yields fell as Rishi Sunak promised to correct Truss's mistakes. Now the GBP is 1.1590. The next target is 1.1745, the closest resistance level since September 13.
Other interesting news:
- Google released a lower-than-expected earnings report. After the publication, the company's stock price fell 5%.
- Amazon has announced that it’s adding Venmo, a payment service owned by PayPal, as a payment method at checkout. Paypal's stock price rose 7.1%.
- Nasdaq index (US100) fell more than 1% after disappointing quarterly reports from Microsoft Corp., Alphabet Inc., and Texas Instruments Inc. underscored the growing pressure on the economy due to higher interest rates by the Federal Reserve.
- The USDJPY weakened to around 146.8 ahead of a policy decision by the Bank of Japan on Friday when monetary adjustments are expected to remain unchanged.
Have a nice day!
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