The wave of US dollar buying on Tuesday caught many market participants unaware and sent a wide range of asset markets to multi-month and multi-year extremes. Get your market update from nickcawley1 here:
buying was sparked by heightened fears that the world’s largest economy may be nearing, or is even in, a recession as economic growth slumps. The Federal Reserve’s late to the party response to tackling inflation of hiking interest rates at a record pace and level has slammed the brakes on economic activity. US Q1 GDP contracted at an annualized rate of 1.6% and the closely watched Atlanta Fed’s GDP Now measure shows Q2 US GDP contracting by 2.1%.
China remains in the grip of a zero-covid policy with the city of Xi’an the latest victim of a lockdown. The city, home to 13 million, has been shut down for sevenThe price of Brent Crude is stable in early turnover after trading in a wild 10% range on Tuesday. After opening near its high for the day,sold off sharply later in the session and touched a multi-week low of $100.30/bbl., before making a partial recovery. There is a zone of support between $95.60/bbl. and $100.80/bbl.
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