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26th-august-2022-markets-review

26th August 2022: Yesterday trading signals are given +0.557%; Oil price stabilized; The average family payment for gas in Germany is over 800 euros; Chinese bank aims to stabilize yuan

Yesterday trading signals are given +0.557%

Symbol: FR40; Type: BUY; Open Price: 6380.31; Close Price: 6446.15; Profit: +1.021%.
Symbol: HK50; Type: BUY; Open Price: 19630.3; Close Price: 19694.2; Profit: +0.324%.
Symbol: US500; Type: BUY; Open Price: 4217.41; Close Price: 4184.18; Profit: -0.788%.

Oil price stabilized

Since the beginning of June, the price of oil has dropped by about a quarter of its value due to growing fears about a recession in the global economy. However, the cost of oil appears to have found a bottom at around $90 per barrel this month. OpenOil was on track for a weekly rise despite a tighter supply picture, with the market focus moving to a meaningful address on the economy of the United States that will be given later on Friday by the Chair of the Federal Reserve, Jerome Powell. At 9:59 a.m. local time in London, the price of a barrel of WTI with an October delivery date jumped by 0.9% to $93.36. This week, futures prices have gained 2.6%.

Since June, the price of oil has dropped by over a quarter of its value in response to growing fears about a recession in the global economy. This month, though, the price appears to have stabilized at $90 per barrel.

The average family payment for gas in Germany is over 800 euros

On Friday, benchmark electricity costs in Germany soared beyond 800 euros, roughly ten times more than they were during the same period the year before. Because Russia is reducing its natural gas production in preparation for the vital winter heating season, power costs are nearly breaking records daily. The enormous increase in energy prices is one of the primary contributors to inflation, threatening the financial stability of people and companies across Europe.

Chinese bank aims to stabilize yuan

As the Chinese central bank prepares for a possible appreciation in the dollar value in the wake of the Jackson Hole symposium, it has again used its currency fixing to fight back against the weakening of the yuan. A study by Bloomberg found that the People's Bank of China set its fixing to be 56 pip values higher than the average expectation. This comes after the market fix on Thursday was 120 pips lower than anticipated, the most significant difference since February 2020. The one-month dollar-yuan risk reversals decreased to a level that hasn't been seen since July, signaling that bearish sentiment against the yuan is beginning to ease. Since August, foreign investors have been net purchasers of Chinese assets, which indicates that these assets are viewed as having value over the long term by those investors. Even while the daily fix and expected exporter selling flows are sufficient to complete the goal at hand, for the time being, direct intervention may still be required if it becomes essential to do so.

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