Every week we expect many interesting events that can shake the market.
Wednesday News: Commodities at Record Highs
Every day brings new fluctuations on the market, and commodities reach record high numbers. The changes are not persistent and to wave up and down.
President Joe Biden officially announced that the US would ban Russian imports of crude oil and other energy products, which confirmed speculation made earlier this week and propelled oil prices to nearly 14-year highs. Now XBR is approximately $128.50.
Nickel trading was suspended on the London Metal Exchange (LME) after its price topped $100,000 per metric ton due to shortages of the commodity, fueled by supply concerns due to the Russian-Ukrainian war.
S&P 500 and Nasdaq 100 futures fluctuated, while European contracts cut gains.
In cryptocurrencies, Bitcoin rallied, reaching $41,000. Now the resistance is $45,700, and the support is $36,930. Tokens like Ethereum also jumped.
Coca-Cola Co. joined McDonald's Corp., Starbucks Corp. and a host of other companies in suspending operations in Russia to protest the war.
Gold was near a 19-month high. After rocketing XAUUSD $2070 yesterday, it fell $30 down.
Have a good trading day!
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Main news that will drive the market in the upcoming week include CB Consumer Confidence Index, Canadian GDP, and US Core PCE Price Index
The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.