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Morning Market Review

EURUSD
The EUR/USD pair is testing 1.002 for a breakout; however, investors prefer to wait for new drivers to appear on the market. In particular, the speech of the President of the European Central Bank (ECB) Christine Lagarde will take place today, in which market participants expect to hear hints on the pace of further increase in interest rates by the regulator. In addition, traders will evaluate recession forecasts in the region. At the moment, the threat of a two-quarter decline in the euro area is estimated at about 80%. Also today begins a two-day meeting of the US Federal Reserve, according to the results of which the markets expect another increase in interest rates by 75 basis points. Last week, analysts for the first time spoke about a possible correction of the value by 100 basis points at once, but this probability does not exceed 15-17%. Moderate support for the single currency is also provided by the gradual decline in gas prices, which, in turn, react to growing optimism that Europe will still be able to survive the winter without Russian "blue fuel". However, it should be noted that optimism does not negate the subsidizing of payments, as well as the introduction of rationing of energy consumption.

GBPUSD
The British pound is trading with multidirectional dynamics, consolidating near 1.1430. The GBP/USD pair has been trying to recover since the record lows were updated at the end of last week, but the "bulls" are reluctant to act and expect new growth drivers, one of which may be the decision of the Bank of England to raise interest rates. At the next meeting of the British regulator, which will be held on Thursday, the rate may be adjusted by 50 basis points to 2.25%. In addition, traders are going to evaluate the effectiveness of the measures already taken and receive new inflation forecasts for the near future. Investors are also worried about a possible downturn in the economy. Bank of England officials warned of significant risks of a recession as early as the fourth quarter, which could be overcome no earlier than 2024. Finally, the fiscal policy of the country's new Prime Minister, Liz Truss, adds uncertainty to the market, as tax cuts figured as Truss's election theses.

XAUUSD
Gold prices are slightly declining, consolidating near 1670.00. The pressure on the XAUUSD pair remains ahead of the meetings of the US Federal Reserve and the Bank of England, at which decisions can be made on further tightening of monetary policy. In particular, the US regulator may raise interest rates by 75 basis points, while the British one is likely to limit itself to a correction of 50 basis points. In addition, traders expect to receive updated recession forecasts. The Bank of England still expects that the national economy will go into recession in the fourth quarter, and will be able to get out of it no earlier than 2024. In turn, the demand for gold is supported by expanding economic and geopolitical risks, as the conflict in Eastern Europe does not weaken, and the consequences of the energy crisis increasingly affect economic activity.
 

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ETHUSD - The Ethereum network update did not lead to an increase in prices

Last week, the Ethereum network switched to the Proof-of-Stake (PoS) proof algorithm, which seriously reduced its energy consumption and centralization. Contrary to the expectations of many investors, the ETH price continued to decline and is currently around 1350.00, which is only slightly higher than the three-month lows reached the day before.

Experts believe that this drop is due to an unsuccessful Ethereum update time. Now investors are expecting a new tightening of monetary policy from the US Fed, which may raise the interest rate by 75.0 or even 100.0 basis percentage points this week. These actions, according to investors, will put pressure on risky assets, including digital ones. Also, ETH's positions were affected by the difficult conditions of independent staking in the network, which were criticized by community members. To get an independent income, you will need to block 32.0 ETH, which most investors consider quite expensive. In general, the overall downward trend in the cryptocurrency market is likely to continue.

The price has consolidated below the level of 1375 (Murray [3/8]), which gives the prospect of further decline within the descending channel to the levels of 1250 (Murray [2/8]) and 1125 (Murray [1/8]). The key for the "bulls" is the resistance zone 1500-1570 (Murray [4/8], Fibo retracement 23.6%, the middle line of the Bollinger Bands), with a breakout of which growth to the level of 1750 (Murray [6/8]) is possible, however, this movement option seems less likely, since technical indicators point out the continuation of the downward trend: the Bollinger Bands are directed downwards, the MACD histogram is increasing in the negative zone, and the Stochastic may leave the oversold zone, but the potential for corrective growth is seen to be limited.

Resistance levels: 1500, 1570, 1750 | Support levels: 1250, 1125

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Morning Market Review

EURUSD
The European currency shows mixed trading dynamics, consolidating near 0.9950. Investors are in no hurry to open new trading positions, preferring to wait for the publication of the US Federal Reserve decision on interest rates. However, the euro still traded mainly with a downtrend, which again led to the consolidation of the instrument below the psychological level of 1.0000. Some pressure on the EUR/USD pair was exerted by the deteriorating prospects for the region's economy, in connection with which the authorities are taking decisive action to curb inflation. In particular, the President of the European Central Bank (ECB), Christine Lagarde, spoke the day before, saying that in order to curb a sharp rise in prices, it may be necessary to raise interest rates to levels that will limit economic growth altogether. The current inflation rate in the eurozone is above 9.0% and is unlikely to fall anytime soon. Macroeconomic data released yesterday in Germany pointed to a sharp rise in producer prices. In August, the Producer Price Index rose by 7.9% after rising by 5.3% a month earlier, while analysts expected a slowdown to 1.5%, and in annual terms, the index accelerated from 37.2% to 45.8%, which also turned out to be higher than the estimated 37.5%.

GBPUSD
The British pound is trading with a weak downtrend, testing the level of 1.1370 for a breakdown. The GBP/USD pair is holding just one step away from its record lows, reacting to the prospect of further economic slowdown amid continued high inflation. However, traders prefer to stay out of the market until new drivers are released. Today, the US Federal Reserve will announce its decision on interest rates. It is expected that the US regulator will go for another increase in the value of 75 basis points, bringing it to 3.25%. At the same time, agency officials may signal the continuation of the current course of tightening monetary policy for the near future, given that the pace of slowdown in consumer prices is clearly insufficient. Tomorrow there will be meetings of the Bank of Japan, the Bank of England and the National Bank of Switzerland. The British regulator is also expected to take steps aimed at tightening monetary policy; in addition, officials have repeatedly announced significant risks of a recession in the national economy already in the fourth quarter. Current forecasts suggest that the Bank of England will raise the rate by 50 basis points to 2.25%.

XAUUSD
Gold prices show a slight decline, developing a weak downward momentum formed the day before. The XAU/USD pair is testing 1660.00 for a breakdown, waiting for the publication of new drivers on the market. The focus of investors' attention on Wednesday is the publication of the decision of the US Federal Reserve on interest rates. Investors have already included a 75 basis point increase in current quotes, but it is possible that the regulator will adjust the cost of borrowing immediately by 1.0%. Either way, gold remains under pressure as global central banks hike interest rates. This week, similar steps are also expected from the Bank of England and the National Bank of Switzerland, and the day before the Bank of Sweden raised the value immediately by 100 basis points. In turn, the growing geopolitical risks, as well as the threat of a recession in the global economy, provide moderate support to the precious metal.
 

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Morning Market Review

EURUSD
The European currency shows mixed dynamics, consolidating near 0.9830 and new record lows at 0.9800. The euro fell after the publication of the decision of the US Federal Reserve to raise interest rates by 75 basis points to 3.25%. At the same time, the regulator signaled further plans: it is reported that by the end of the year the rate can be adjusted to 4.40%, after which in 2023 an increase to 4.60% is possible. The Fed also released forecasts for economic growth. It is assumed that in 2022 the Gross Domestic Product (GDP) will rise by only 0.2%, and in 2023 it may grow by 1.2%. The euro remains under pressure from the development of the energy crisis, despite a slight correction in energy prices. Meanwhile, the European Commission has decided to ease sanctions against Russian coal, as this type of fossil fuel is increasingly used in the countries of the region as an additional source of heat and electricity.

GBPUSD
The British pound is trading down, testing new record lows around 1.1230. The GBP/USD pair reacted with a decrease to the publication of the decision of the US Federal Reserve to raise interest rates by 75 basis points. Moderate pressure on the instrument can be traced today; however, activity in the market is gradually decreasing, as investors await the publication of the results of the Bank of England meeting, at which the interest rate can be adjusted by 50 basis points to 2.25%. In addition, the British regulator will publish forecasts for a possible recession in the economy in the fourth quarter. Meanwhile, the new British Prime Minister Liz Truss announced the introduction of incentives for industrial enterprises, which, among other things, involve reducing the price of electricity and gas by half of the current cost for the next six months. Experts have calculated that such support measures will cost the British government about 40.0 billion pounds.

NZDUSD
The New Zealand dollar shows a moderate decline, developing a steady "bearish" trend from September 13. The NZD/USD pair is testing 0.5820 for a breakdown, updating the record lows of March 2020. The impetus for the current decline in the instrument is the fact that the US currency has strengthened after the publication of the decision of the US Federal Reserve to raise interest rates by 75 basis points, the highest level since 2008. Until March 2022, the indicator had been in the range of 0.00-0.25% for two years, after which the regulator began to tighten monetary policy as part of the fight against record inflation, which reached 40-year peaks. It is also worth noting that the Fed stepped up its "hawkish" rhetoric and is planning at least one more major value adjustment before the end of the year. At the same time, the regulator hopes to avoid a recession in the national economy. The macroeconomic statistics from New Zealand released today do not provide any noticeable support to the instrument. Westpac Consumer Survey in the third quarter showed active growth from 78.7 points to 87.6 points, which fully coincided with market expectations. Export volumes slowed in August from 6.35 billion dollars to 5.48 billion dollars, while Imports rose slightly from 7.76 billion dollars to 7.93 billion, which led to an increase in the Trade Deficit from 11.97 billion dollars to 12.28 billion dollars.

USDJPY
The US dollar shows active growth, testing the strong resistance level of 145.00. The pressure on the yen is exerted by the decision of the Bank of Japan to keep the key interest rate unchanged at -0.1%, which was quite expected, since the regulator has repeatedly stated that the time for tightening monetary policy has not yet come. At the same time, the officials express concern about the unilateral depreciation of the yen, which increases the risks of direct foreign exchange interventions. The decision of the Bank of Japan contrasts with the minutes of the meeting of the US Federal Reserve, published the day before, which increased the interest rate by 75 basis points to 3.25%, and also pointed to further tightening of monetary policy until the end of the year.

XAUUSD
Gold prices have returned to a downtrend, returning to the previous record lows of 2020 near 1650.00. The pressure on the position of the instrument is exerted by the decision of the US Federal Reserve published the day before to increase the interest rate by another 75 basis points for the third time in a row. At the same time, the regulator raised inflation estimates and lowered economic growth expectations for 2022–2023. The Chair of the Fed, Jerome Powell, signaled a further tightening of monetary policy until the end of the year: in particular, it is assumed that at the next meeting the regulator can adjust the value immediately by 125 basis points. Today, investors are following the results of the meetings of the National Bank of Switzerland, which raised the interest rate from -0.25% to 0.5%, and the Bank of England, which may adjust the value from 1.75% to 2.25% (the decision will be published on 13:00 (GMT+2)). Also, the British regulator is expected to publish updated forecasts for economic growth, suggesting evidence of a possible recession in expert estimates.
 

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Morning Market Review

EURUSD
The European currency shows ambiguous dynamics, consolidating near 0.9820. Market activity remains low, and the EUR/USD pair does not make any noticeable attempts to correct after updating record lows the day before. The tightening of monetary policy by the US Federal Reserve put additional pressure on the positions of the single currency, but the decision was quite expected, and investors managed to put such a scenario into quotes. The focus is again on the military conflict on the territory of Ukraine, since the holding of partial mobilization in Russia and referendums in the occupied territories could lead to its escalation. In addition, today traders expect the publication of statistics on business activity in the eurozone. Current forecasts suggest that the S&P Global Composite Manufacturing PMI will drop from 48.9 to 48.2 points in September, and the Services PMI may fall from 49.8 to 49.0 points.

GBPUSD
The British pound is trading with a weak downward momentum, holding near record lows. The GBP/USD pair is testing 1.1230 for a breakdown, remaining under pressure after the US Federal Reserve decided to raise interest rates by 75 basis points. Now the rate is in the range of 3.00-3.25% and, according to the forecasts of the regulator, by the end of this year it can be adjusted to 4.40% (an increase of up to 4.25% was expected earlier), and next year it may be increased up to 4.60% (against the expected 4.50%). The tightening of monetary stimulus will lead to increased pressure on the economy and a slowdown in the growth of Gross Domestic Product (GDP) in the United States this year to 0.2%, and to 1.2% next year. The pound was slightly supported by the decision of the Bank of England to raise the interest rate by 50 basis points to 2.25%, which coincided with the analysts' forecast, and therefore did not cause significant changes in the market. In addition, traders drew attention to the comments of the British regulator, which suggest that the decline in national GDP may begin as early as the third quarter, and then the economy may enter into recession. The Bank of England also expects inflation to peak in October around 11.0%, after which it will begin to weaken.

XAUUSD
Gold prices continue to show mixed dynamics, remaining around 1670.00. The pressure on quotes is exerted by meetings of world financial regulators, as a result of which interest rates were again noticeably increased. In particular, the US Federal Reserve raised the rate by 75 basis points to 3.25%, the Bank of England raised it by 50 basis points to 2.25%, and the Swiss National Bank for the first time since 2014 decided to increase the rate by 75 basis points to 0.50% per annum. Also, leading regulators have signaled that the "hawkish" policy is likely to continue as inflation continues to rise at record highs. In turn, the demand for gold increased markedly due to the escalation of the military conflict on the territory of Ukraine. Earlier, partial military mobilization was announced in Russia, and in the occupied territories of Ukraine, referendums on joining the Russian Federation can be held in the near future.

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Morning Market Review

EURUSD
The European currency shows a downtrend, renewing new record lows and dropping below 0.9550, after which the EUR/USD pair still showed an uncertain corrective rebound. The instrument was falling against the US dollar at a moderate pace throughout the past week, and the culmination of the "bearish" dynamics fell on Friday, when disappointing statistics came to the market. S&P Global Manufacturing PMI in Germany fell from 49.1 points to 48.3 points in September, the Services PMI decreased from 47.7 points to 45.4 points, and the Composite PMI decreased from 46.9 points to 45.9 points against the expected 46.0 points. In turn, in the euro area, the Manufacturing PMI fell from 48.9 points to 48.2 points, and the Services PMI declined from 49.8 points to 48.9 points. The focus of investors today will be the speeches of representatives of the European Central Bank (ECB), among which are Luis de Guindos, Fabio Panetta, and the President of the regulator Christine Lagarde.

GBPUSD
The British pound is trading with a strong downward momentum, approaching the parity level and updating record lows. GBP/USD is at 1.0500, retreating slightly from its record lows at 1.0270. The pressure on the British currency is exerted by the actively growing dollar, the demand for which is supported by the growth of alarming sentiment in the market. In particular, last Friday, investors paid attention to the statistics on business activity in Europe and the US, which increased the likelihood that the economy will enter a recession in the near future. The UK Services PMI from S&P Global in September declined from 50.9 points to 49.2 points, dropping below the level of 50.0 points, which separates growth from recession. The S&P Global/CIPS Composite PMI for the same period fell from 49.6 points to 48.4 points, while the forecast suggested a decrease to only 49.0 points. In addition, the Consumer Confidence index from Gfk Group in September fell from -44.0 points to -49.0 points, while the forecast for a correction to -42.0 points.

XAUUSD
Gold prices show mixed dynamics, holding near 1640.00 and updating April 2020 record lows. The pressure on the position of the instrument is exerted by the growing dollar, which is supported by the deterioration of global economic forecasts. In addition, the meetings of world central banks last week, which resulted in the widespread tightening of monetary policy, had a noticeable pressure on gold. Only the Bank of Japan remained on the sidelines, announcing foreign exchange intervention. The US Federal Reserve raised rates by 75 basis points and is likely to adjust the value at least once before the end of 2022. It is noted that under certain conditions, the regulator may decide to raise the rate immediately by 1.25%.
 

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Key Releases

 

USD is strengthening against JPY and has ambiguous dynamics against GBP and EUR.

Investors are focusing on the latest comments from Atlanta Federal Reserve Bank Governor Rafael Bostic, who, in an interview with CBS, reaffirmed the regulator's commitment to a hawkish course to combat a significant rise in inflation but acknowledged that these measures could lead to a slight decrease in the number of jobs in the country. The official added that he sees positive dynamics in the US economy, although it has been slowing down for the last two quarters, and that it will be able to withstand the negative consequences of further tightening monetary policy. On Friday, preliminary US business activity data for September was published, which was better than expected: Manufacturing PMI rose from 51.5 points to 51.8 points instead of the expected decline to 5.1 points, while Services PMI increased from 43, 7 points to 49.2 points instead of the expected 45 points.

 

EUR has ambiguous dynamics against its main competitors – USD, GBP and JPY.

In the first half of the day, pressure on the euro was exerted by macroeconomic statistics from Germany from IFO and the results of the parliamentary elections in Italy, but at present, the euro has won back the lost positions. The business climate index in Germany fell from 88.6 points to 84.3 points, which is worse than the predicted 87 points and the lowest level since the coronavirus pandemic in European countries. According to IFO experts, the decline is observed in all sectors of the German economy, and business pessimism will increase significantly soon. In winter, the leading European economy will face a recession due to the extremely high cost of energy imports. According to preliminary estimates, the far-right Fratelli d'Italia ("Brothers of Italy") party is winning the parliamentary elections in Italy, and its leader, Giorgia Meloni, may soon become the country's new prime minister at the head of a coalition government. Experts expect it will start cutting taxes to support economic growth, which will lead to a new increase in the budget deficit, which may violate Eurozone budget rules and complicate relations between Rome and Brussels.

 

Oil quotes have an ambiguous trend: the morning decline was replaced by rising prices.

The market is uncertain: growing fears of a global recession and a reduction in oil demand are pushing prices down, but the possibility of new sanctions against Russia and additional interruptions in the Russian oil supply do not allow quotes to decline seriously. Investors are afraid of the negative consequences of the upcoming introduction of a price ceiling for Russian oil: American and European officials expect that it will not limit the oil supply to the market but will reduce the country's income, limiting its participation in the Ukrainian conflict. However, official Moscow has already stated that the mechanism of the artificial price cap is not a market one; therefore, the oil will not be sold to countries that support this measure.
 

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ETHUSD - Price growth may be temporary

The current growth is seen as technical, as fundamental factors remain unfavorable for the cryptocurrency market. The tightening of monetary policy by the US Federal Reserve continues. Moreover, officials signaled the continuation of maintaining interest rates at high levels for several more years, which, in turn, strengthened the US currency against major competitors, including digital assets. According to investors, they have not become a reliable remedy for inflationary risks. The transition of the main Ethereum network to the Proof-of-Stake (PoS) proof algorithm did not support the position of ETH. However, market participants still hope that the upgrade will have a positive effect in the long term, as network performance has increased and energy consumption has decreased. However, experts believe that everyone who could and wanted to join the Ethereum community has done so, so for now, the growth in the popularity of the asset among users is not expected.

After the consolidation above 1375 (Murrey [3/8]), further growth will be possible around 1500 – 1520 (Murrey [4/8], Fibonacci correction 23.6%, the middle line of Bollinger bands). Quotes are unlikely to rise above this range, as technical indicators reflect a continuation of the downward trend: Bollinger bands are reversing downwards, and the MACD histogram stabilizes in the negative zone. The key “bearish” level is 1250 (Murrey [2/8]), which was already tested last week. If it consolidates below it, the downward dynamics may develop to 1125 (Murrey [1/8]) and 1000 (Murrey [0/8]).

Resistance levels: 1375, 1520, 1750 | Support levels: 1250, 1125, 1000
 

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Morning Market Review

EURUSD
During the Asian session, the European currency is slightly reduced against the US dollar, renewing new record lows and testing the level of 0.9550 for a breakdown. Pressure on the positions of the trading instrument is exerted by weak macroeconomic statistics released in Germany at the beginning of the week. The Business Climate Index from the Institute for Economic Research (IFO) in September showed a decrease from 88.6 points to 84.3 points with a forecast of 87.1 points, while the Current Assessment indicator for the same period sharply corrected from 97.5 points to 94.5 points, while analysts expected a decline to only 96.0 points. The index of Economic Expectations fell from 80.5 points to 75.2 points, contrary to experts' forecasts of a more significant downward trend of 78.6 points. In addition, the demand for risky assets on the market is noticeably declining against the background of the escalation of the military conflict in Ukraine, as traders are waiting for a decision from the political leadership of Russia on the results of referendums held in parts of the occupied territories. In turn, some support for the quotes of the single currency was provided by the rhetoric of the President of the European Central Bank (ECB) Christine Lagarde, who noted the readiness of the regulator to continue raising the interest rate, despite the increased risks of a recession in the economy of the region. At the same time, the official acknowledged that the return of inflation to target levels may require more time than originally predicted.

GBPUSD
The pound continues the downward dynamics of trading during the morning session on September 28, resuming the decline after an uncertain attempt to correct the day before. At the moment, the GBP/USD pair is testing 1.0650 for a breakdown, waiting for new drivers to move. On Monday the markets were actively selling the British currency against the background of the announced measures of fiscal easing, which will create a significant burden on the budget of the United Kingdom. On September 22, the Bank of England predicted that after the decline in Gross Domestic Product (GDP) for two quarters in a row, the national economy had already entered a technical recession; however, officials adjusted the interest rate to the maximum since 2008 on expectations that inflation could peak just below 11.0% in October. The Treasury, together with the Bank of England, intends to develop a strategy to control the growing debt of the UK against the backdrop of a program previously announced by the country's new Prime Minister, Liz Truss, to subsidize electricity and heating bills for businesses and households for at least six months. Meanwhile, the British Retail Consortium (BRC) Retail Price Index released today rose 5.7% year-on-year in August after rising 5.1% in the previous month. At the end of the week, an updated estimate of the country's GDP dynamics for the second quarter will be presented.

XAUUSD
Gold prices are correcting, returning to the "bearish" trend after a slight increase the day before and testing the level of 1625.00. Quotes again closely approached the record lows of April 2020, updated at the beginning of the week, remaining under pressure from the rising dollar, as well as expectations of further interest rate hikes by the world's leading central banks. In particular, before the end of the year, another major increase in the indicator is expected from the US Federal Reserve, and analysts do not exclude that the regulator may decide to adjust immediately by 1.25%. Most likely, the European Central Bank (ECB), the Bank of England and others will also continue to tighten monetary policy. In turn, gold is moderately supported by the growing geopolitical tensions in Eastern Europe. At the moment, the markets are awaiting decisions from the Russian leadership in connection with the referendums held in the occupied territories.
 

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XRPUSD - Murray analysis

Against the background of the possible imminent completion of the lawsuit by the US Securities and Exchange Commission (SEC) against Ripple Labs, the token price rose to five-month highs around 0.5548, after which it resumed its decline, which continues to this day. Now the quotes are close to the 0.4000-0.3906 support zone (the middle line of the Bollinger Bands, Murray [0/8]), the breakdown of which will open the prospect of a further decline to 0.3418 (Murray [-1/8]), 0.3200, 0.2930 (Murray [-2/8]). With a reverse breakout of 0.4395 (Murray [1/8], Fibo retracement 23.6%), the instrument is likely to return to 0.4883 (Murray [2/8]) and 0.5219 (Fibo retracement 38.2%).

Technical indicators do not give a single signal: the Bollinger Bands are reversing upwards, confirming the preservation of the short-term upward trend, but the Stochastic is directed downwards, and the MACD histogram is decreasing in the positive zone, not excluding the development of a decline.  

Resistance levels: 0.4395, 0.4883, 0.5219 | Support levels: 0.3906, 0.3418, 0.3200, 0.2930
 

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Morning Market Review

EURUSD
The European currency is falling, retreating after an active corrective growth the day before, when quotes retreated from record lows. The reason for the strengthening of the downtrend was mainly technical factors, as well as the prospect of foreign exchange interventions by regulators. In turn, the news background remained quite pessimistic, which did not allow the "bulls" to develop an uptrend. In particular, Gfk Group's Consumer Confidence Index, published yesterday in Germany, corrected from -36.8 points to -42.5 points in October, while analysts had expected a drop to only -39.0 points. In addition, the index of Economic Expectations in Switzerland in September from the Center for European Economic Research (ZEW) fell from -56.3 points to -69.2 points against the forecast of -48.5 points. The focus of investors today will be a block of data on the level of Consumer Confidence and Economic Sentiment in the euro area for September. Also during the day statistics on the dynamics of inflation in Germany is expected to be released: the figure may accelerate sharply from 7.9% to 9.4% in September.

GBPUSD
The British pound is trading with downward dynamics, retreating from local highs, updated the day before. The GBP/USD pair is testing 1.0800 for a breakdown, once again being under pressure from a weak macroeconomic background. The reason for the emergence of upward dynamics was the Bank of England's statements about the possible conduct of foreign exchange interventions. The regulator said that it will buy an additional part of long-term British bonds, and also take a break in new gold purchases. The market reacted to these statements ambiguously: skeptics reminded that the recent intervention by the Bank of Japan did not lead to any visible results, as the yen showed only a short-term increase, after which it quickly returned to its previous record lows. One way or another, the Bank of England is seriously concerned about the government's decision to carry out a number of reforms, including those to reduce the fiscal burden. All this creates significant pressure on the UK public debt, which, in turn, affects the stability of the economy as a whole. At the end of the week, investors expect the publication of updated data on the dynamics of the UK's Gross Domestic Product (GDP) for the second quarter.

XAUUSD
Gold prices are declining, correcting after an attempt to grow the day before, when many currencies, as well as precious metals paired with the US dollar, showed an active positive trend, based on a number of technical factors. The XAU/USD pair is supported by the deteriorating global economic outlook, but the threat of further interest rate hikes by the world's leading financial regulators is holding back the "bulls" undertakings. In addition, investors fear the possibility of a number of foreign exchange interventions. In particular, the Bank of Japan has already carried out such an operation, and the day before, the Bank of England also quite unexpectedly spoke in favor of this decision. In addition, a significant pressure on the position of the instrument is exerted by the fact of the growth in the yield of US government bonds: 10-year Treasury securities rose to 3.984%. At the same time, investors recorded a short-term increase to 4.000%, which happened for the first time since October 2008.

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