Market Update – September 28 – Stocks Sold Off, Buck & Oil Up!

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<p><strong>Stock markets sold off</strong> across Asia, with Nikkei and Hang Seng underperforming. China jitters and the sharp rise in oil prices are weighing on sentiment. <strong>USOIL lifted above USD 94 per barrel</strong>, stoking inflation concerns and fueling speculation of additional rate hikes, which pushed up the 10-year Treasury yields to the highest level since 2007.  The stronger than expected durable goods report and hawkish comments from the Fed dove Kashkari weighed too. Wall Street closed narrowly mixed. Japan’s 10-year rate hit a 20-year year high, with the <strong>debt selloff likely to test the BoJ’s resolve to maintain expansionary policies.</strong> The US 10-year rate is holding above 4.6% but is slightly down on yesterday’s close. Stock futures are posting fractional gains in Europe and the US as markets wait for central bank signals and in Europe preliminary inflation data for October.</p>
<p><a href="https://forextraderhub.com/wp-content/uploads/2023/09/2021-10-20_20-03-09.jpg"><img decoding="async" class="aligncenter size-full wp-image-734220" src="https://forextraderhub.com/wp-content/uploads/2023/09/2021-10-20_20-03-09.jpg" alt="" srcset="/wp-content/uploads/2023/09/2021-10-20_20-03-09.jpg 1304w, /wp-content/uploads/2023/09/2021-10-20_20-03-09-300×59.jpg 300w, /wp-content/uploads/2023/09/2021-10-20_20-03-09-1024×200.jpg 1024w, /wp-content/uploads/2023/09/2021-10-20_20-03-09-768×150.jpg 768w, /wp-content/uploads/2023/09/2021-10-20_20-03-09-696×136.jpg 696w, /wp-content/uploads/2023/09/2021-10-20_20-03-09-1068×209.jpg 1068w" /></a></p>
<ul>
<li><strong>USDIndex</strong> has a good week, climbing for a sixth straight day to a peak of 106.51. <strong>EURUSD </strong>broke <strong><span>1.05</span></strong> floor and <strong>GBPUSD</strong> settled at <strong><span>1.2112</span></strong>. The <strong>USDJPY</strong> corrected to <strong><span>149.22</span> </strong>post <strong><span>149.70</span> </strong>highs.</li>
<li><strong>Stocks – JPN225 </strong>and <strong>Hang Seng</strong> meanwhile lost -1.5% and -1.2% respectively. <strong>JPN225 </strong>posts biggest 1-day drop in a month as worries for US interest rates stay at elevated levels. <strong>US30 </strong>slipped -0.2%. The <strong>US100</strong> found a late bid and was 0.22% higher, and the <strong>US500 </strong>edged up 0.2%.</li>
<li><strong>USOil</strong><span> flirts <span><strong>94</strong>.</span></span></li>
<li><b>Bitcoin</b> traded above<b> $26,000.</b></li>
</ul>
<p><strong>Today</strong>: Eurozone consumer confidence, US initial jobless claims and GDP. Fed Chair Powell town hall meeting with educators while Richmond Fed President Tom Barkin, Chicago Fed President Austan Goolsbee make speeches.</p>
<p><a href="https://forextraderhub.com/wp-content/uploads/2023/09/TELEGRAM-MARKET-UPDATE-16.png"><img decoding="async" class="aligncenter size-full wp-image-734235" src="https://forextraderhub.com/wp-content/uploads/2023/09/TELEGRAM-MARKET-UPDATE-16.png" alt="" /></a></p>
<p><strong>Interesting Mover: G</strong><b>old </b>had a run of declines this week meeting the $<strong>1870</strong> support (March gap). This leaves the door open to a near-term rebound but overall further selloff is expected with Support at <strong>$1862</strong> and <strong>$1845.</strong></p>
<p><strong>Click </strong><a href="https://www.hfm.com/en/trading-tools/economic-calendar.html"><strong>here</strong></a><strong> to access our Economic Calendar</strong></p>
<p><strong>Andria Pichidi<br />
</strong></p>
<p><strong>Market Analyst</strong></p>
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