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Brent crude breaks $80 per barrel

HEADLINES

 

 

  • Dollar rises to 10-1/2-month peak, lifted by Treasury yield surge
  • Brent dips after topping $80 a barrel, highest since Oct 2011
  • Natural Gas Extends Scorching Rally on U.S. Supply Worries
  • Natural Gas Extends Scorching Rally on U.S. Supply Worries
  • S&P 500 Slumps as Rising Yields Trigger Sea of Red

 

 

FOREX

 

 

Dollar rises to 10-1/2-month peak, lifted by Treasury yield surge

 

The U.S. dollar surged to its highest in more than 10 months on Tuesday, tracking the rise in Treasury yields, as investors looked ahead to the Federal Reserve possibly reducing asset purchases in November and an interest rate hike likely to follow.

 

US. consumer confidence hits seven-month low as near-term economic outlook dims

 

U.S. consumer confidence fell to a seven-month low in September as a relentless rise in COVID-19 cases deepened concerns about the economy's near-term prospects, fitting in with expectations for a slowdown in growth in the third quarter.

 

 

COMMODITIES

 

 

Brent dips after topping $80 a barrel, highest since Oct 2018

 

Brent oil dipped on Tuesday after topping $80 per barrel for the first time in nearly three years, as a five-day rally ran out of steam with investors locking in profits. Oil benchmark prices have been on a tear, with fuel demand growing and traders expecting major oil-producing nations will decide to keep supplies tight when the Organization of the Petroleum Exporting Countries (OPEC) meets next week.

 

Natural Gas Extends Scorching Rally on U.S. Supply Worries

 

Gas for October delivery surged as much as 10% and surpassed $6 per million British thermal units for the first time in seven years before paring gains. The expiration of the October futures contract on Tuesday added fuel to the rally as traders closed out bearish positions ahead of the colder months.

 

 

STOCKS

 

 

S&P 500 Slumps as Rising Yields Trigger Sea of Red

 

The S&P 500 fell Tuesday, as tech stocks slumped following a surge in Treasury yields and signs of consumer weakness at a time when concerns about a more sustained pace of inflation continue to heat up.  The U.S. 10-year Treasury yield topped 1.5%, rising to its highest level since June, as investors fret about the prospect of the Federal Reserve raising interest rates sooner than expected to control inflation.

 

 

CHART

 

 

British pound / US dollar – Daily Candlesticks

Source: GKFX Prime Metatrader 4

GBP/USD has broken down from major support at 1.36. suggesting downside momentum. - Prepared by Trading Writers*

 

 

CALENDAR

 

 

*Times in GMT

Source: FX Street Economic Calendar

 

SOURCE

 

 

https://www.fxstreet.com/economic-calendar
https://www.reuters.com/article/global-oil/update-8-brent-dips-after-topping-80-a-barrel-highest-since-oct-2018-idUSL1N2QU03N
https://www.investing.com/news/stock-market-news/sp-500-slumps-as-rising-yields-trigger-sea-of-red-2628879

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