[Market Morning] The British Farce Caused A Shock in the Foreign Exchange Market, and Biden Said He Was Not Worried About the Soaring Dollar; US Oil Fell Nearly 4%

Hot spot tracking

British Chancellor of the Exchequer "sacked", Bank of England ended bond purchases as scheduled on Friday

U.S. retail sales up zero in September

Yellen supports the "market-oriented dollar exchange rate", Biden made it clear: not worried about the dollar's skyrocketing

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Forex

On Friday (October 14), the U.S. dollar index closed up 0.756% at 113.32. British political farce dominated the foreign exchange market of the day. Sterling fell more than 1% against the dollar to below $1.12 after Truss fired Quarten.

📝 Review:Sterling fell further against the dollar after Truss named Hunter as the new chancellor and announced a policy U-turn, before recouping some of its losses. Amid all the volatility and stress in the market, the U.S. dollar remains a safe haven.

🕵️ Operation suggestion:go short EUR/USD at 0.97355, the target price is 0.96723.
Gold

Spot gold fell from above 1670 to a minimum of $1639.5 per ounce, and closed down 1.44% at $1641.76 per ounce; spot silver approached the $18 mark and closed down 3.24% at $18.26 per ounce.

📝 Review:Gold prices fell more than 1 percent on Friday and had their worst week since mid-August, weighed down by a stronger dollar and worries that the Federal Reserve will hold on to sharply raising interest rates to curb inflation.

🕵️ Operation suggestion:go short at 1646.09, the target price is 1620.35.
Crude Oil

Crude oil fell sharply in the U.S. session. WTI crude oil fell 4% at one point, and finally closed down 3.74% at $85.81 per barrel; Brent crude oil closed down 3.18% at $92.31 per barrel. European natural gas fell nearly 8%.

📝 Review:Oil prices fell more than 4 percent on Friday as fears of a global recession and weak oil demand overshadowed support from OPEC+'s slashing supply cuts. Brent and U.S. crude contracts traded mostly flat on Friday, but fell 6.4% and 7.6%, respectively, last week.

🕵️ Operation suggestion:go short at 85.157, the target price is 82.269.
Indice

The three major US stock indexes closed down collectively, the Dow closed down 1.34%, the Nasdaq closed down 3.08%, and the S&P 500 closed down 2.37%. Star technology stocks weakened collectively. Tesla fell more than 7%, with shares halving from their early November 2021 highs.

📝 Review:U.S. stocks tumbled on Friday as worsening inflation expectations kept fears that the Federal Reserve's aggressive rate hike path could spark a recession, while investors digested the first results of the earnings season. Tesla's battery production in Germany will be delayed until at least 2024 due to technical problems.

🕵️ Operation suggestion:go short the Nasdaq index at 10743.300, and the target price is 10441.700.