ForexMart's Forex News

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  1. #391
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    ForexMart's Forex News
    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.
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  2. #392
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    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.
    Regards, PR-Manager ForexMart

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    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.
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    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.
    Regards, PR-Manager ForexMart

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    September 19. Bitcoin is aiming for 2020 lows

    During Monday's trading, the bitcoin exchange rate dropped to $18,313 for the first time since the end of 2020. Pressure on the cryptocurrency is exerted by investors' withdrawal from risks before the meeting of the US Federal Reserve System scheduled for Wednesday.

    Most analysts expect that the US regulator will raise the base interest rate by 75 basis points for the third time in a row, or even by 100 bp at once.

    The current quote of the BTC/USD pair is $18,756.90. Since the beginning of this year, bitcoin has fallen in price by 60% and is currently trading at the level of December 2020.

    In the current conditions, risk appetite remains extremely weak, and the entire crypto market is showing a decline following the fall of stock markets. Additional pressure on the market is being exerted by signals that the administration of US President Joe Biden plans to tighten regulation of the cryptocurrency industry.

    It's not just bitcoin that is falling today. The cost of the second most popular cryptocurrency, Ethereum, is also declining and is at its lowest level since July. The current price of ether is $1,280. Last week, an update of the cryptocurrency software, called The Merge, was carried out on the Ethereum network. This update has transferred the ether blockchain to a new algorithm, which will dramatically reduce electricity consumption during mining.
    Regards, PR-Manager ForexMart

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    September 22. The Bank of England raised the rate by 50 basis points to 2.25%​​​​​​​

    Following the results of the September meeting, the Bank of England decided to raise the base interest rate from 1.75% to 2.25% per annum. This decision completely coincided with analysts' expectations.

    Thus, the rate in the UK has reached its maximum since 2008. Experts note that the rate was raised following the results of the seventh meeting in a row, and the second meeting in a row the increase was 50 basis points.

    All nine members of the Monetary Policy Committee (MPC) voted unanimously for the rate increase. Moreover, five were in favor of a 50 bps rise, three were in favor of a 75 bps increase, and one voted for a 25 bps increase.

    In addition, the leadership of the British regulator voted to begin reducing the volume of government bonds on the balance sheet of the central bank. Now the volume of government bonds at the disposal of the Bank of England will be reduced by 80 billion pounds over the next 12 months and will reach 758 billion pounds.
    Regards, PR-Manager ForexMart

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    September 23. Gold prices fell to a 2-year low​​​​​​​

    According to trading data, gold prices have fallen to the lowest levels in more than two years. December gold futures on the New York Mercantile Exchange COMEX collapsed from the level of 1.682 to 1.648.60 per ounce. The last time gold was traded at such levels was in April 2020.

    Analysts note that the precious metal quotes are declining for the second week in a row after many central banks around the world raised interest rates to curb inflation.

    In particular, the US Federal Reserve, as well as the Central Banks of Switzerland, Norway and the UK announced an increase in interest rates to curb price growth. And as we know, gold, which is traded in the US currency and does not bring any guaranteed interest income, usually has a negative correlation with the dollar exchange rate and rates.

    Experts suggest that the negative dynamics in the gold market is very likely to continue due to further tightening of monetary policy by some major central banks. Because against the background of higher rates, the costs of owning gold are growing.

    At the same time, fears of a recession and any escalation of the conflict in Eastern Europe may support the prices of the precious metal.
    Regards, PR-Manager ForexMart

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    in ro ham eslah kon:
    September 26. The yield of 10-year British government securities rose to the highest since 2008

    Yields of British government securities are rising at the beginning of a new trading week: on Monday, the yield of ten-year bonds rose to 4.246% compared with 3.827% at the close of the market on September 23, which was the highest since 2008. The yield on two-year government securities rose to 4.418% from 3.911%.

    The growth is supported by expectations that the Bank of England will have to sharply raise the rate, as the large tax incentives announced by the government last week will inevitably lead to a further increase in inflation.

    On September 23, British Finance Minister Quasi Kwarteng announced a large-scale tax cut that will affect individuals and legal entities. It is expected that these measures will increase the budget deficit in the current financial year by more than 70 billion pounds. At the same time, the minister clarified that he does not exclude further tax breaks.

    The stimulus measures of the new UK government will require an increase in the issuance of government bonds, which is one of the factors pushing down their value.

    Market participants expect the Bank of England to raise the base rate by 100 basis points at the November meeting. However, there is an opinion that the Central Bank may raise the rate until November, in an attempt to contain the fall in the national currency. An increase in interest rates may exacerbate difficulties in the economy, since the tightening of monetary policy reduces the disposable incomes of the population and leads to an increase in the cost of mortgages.
    Regards, PR-Manager ForexMart

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