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The US September New York Fed manufacturing index and Canadas July wholesale sales monthly rate will be released in ten minutes.On September 15th, Loongson Technology announced on its interactive platform that the development of its first GPGPU chip, the 9A1000, is nearly complete, with tape-out expected within the third quarter. Its success will depend on test results after tape-out.September 15: Building materials trading volume reached 117,600 tons, a 1.03% increase from the previous trading day. September 12: Building materials trading volume reached 116,400 tons, a 26.66% increase from the previous trading day. September 11: Building materials trading volume reached 91,900 tons, a 1.18% decrease from the previous trading day. September 10: Building materials trading volume reached 93,000 tons, a 8.28% decrease from the previous trading day. September 9: Building materials trading volume reached 101,400 tons, a 10.03% decrease from the previous trading day. Last weeks average: Building materials trading volume was 10,308 tons.Barclays (BCS.N) will undergo a major renovation of its New York headquarters and redesign its trading floor.On September 15th, European Central Bank (ECB) Executive Board member Schnabel stated that the ECB should maintain current interest rates given the upward risks to prices. Schnabel noted that small deviations from the 2% inflation target should be tolerated and that the ECB is currently in a favorable position. She stated, "Monetary policy should remain stable. Upward inflation risks dominate, with tariffs, services inflation, food inflation, and fiscal policy all likely contributing factors." Sources familiar with the matter stated that unless the eurozone experiences another major shock, borrowing costs are expected to remain at current levels for some time.

Copper prices tumble after encountering resistance near $3.60; DXY completes correction

Alina Haynes

Aug 30, 2022 11:49

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Copper prices are falling sharply after detecting selling pressure near the crucial $3.625 barrier during the Asian session. The asset's pullback move after hitting a low of $3.5715 on Monday is losing momentum, and the end of the pullback move indicates a new leg of selling is imminent.

 

The basic metal is anticipated to continue under the control of bears in light of bearish market mood. The US dollar index (DXY) is poised for a fresh upward surge as investors have begun buying the DXY in response to Federal Reserve (Fed) chair Jerome Powell's hawkish remarks on interest rate guidance at the Jackson Hole Economic Symposium.

 

After the Federal Reserve (Fed) favored inflation fix above lower growth estimates, the risk-off market sentiment has supported the DXY. The DXY is anticipated to surpass its 20-year high of 109.29, set on July 14.

 

Taking into account the essential core concepts, the decision to address inflation turmoil before optimism looks mature. The US inflation rate is soaring, and a single indication of tiredness is insufficient to allow Fed policymakers to lay back and relax.

 

On the China front, the recurrence of Covid-19 cases has heightened fears of an economic slowdown in China. The news from Reuters that China recorded 1,344 new asymptomatic coronavirus cases on the mainland on August 28, up from 1,137 the previous day, has sparked worries of a lockdown to restrict the disease's spread. Copper prices may be weighed down by a forecast of weak demand.

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