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On September 19th, gold prices continued their upward trend during the U.S. trading session. Although investors believe that the Federal Reserves stance on future policy was less dovish than expected, gold prices have still risen by nearly 10% this month, supported by expectations of U.S. interest rate cuts, safe-haven demand, and gold purchases by central banks around the world. Barbara Lambrecht of Commerzbank stated, "We believe that the current upward momentum in gold has paused, although data next week may show that Asian gold buyers are gradually adjusting to the current high price level. However, given that we expect the Federal Reserve to cut interest rates more than the market expects next year, we believe that gold prices will continue to rise in the long term."The UN Security Council failed to pass a resolution to permanently lift UN sanctions on Iran.On September 19th, European natural gas prices continued to fluctuate in a narrow range as traders weighed two factors: the EUs new round of sanctions against Russia and a gas supply disruption in Norway. In afternoon trading, the Dutch TTF natural gas futures contract, Europes benchmark natural gas contract, fell 1.5% to €32.47 per megawatt-hour. ANZ Bank noted, "Russia currently still meets over 10% of the EUs natural gas import needs, with approximately half of this supply coming in the form of liquefied natural gas (LNG). Given that the global LNG market is expected to enter a surplus later this decade (after 2025), any sanctions will likely have an impact on natural gas prices in the short term." Investors are also closely watching unplanned outages at gas fields in Norway, Europes largest single supplier of natural gas.French Ambassador to the United Nations: So far, we have not received a sufficiently good response from Iran on the issue of the quick restoration of sanctions. We must continue with the quick restoration procedure on September 28.Hezbollah leader Naim Qassem called on Saudi Arabia to open a new chapter and engage in dialogue with Hezbollah.

Crypto Market Daily Highlights: The NASDAQ Sends the Market South

Skylar Shaw

Jan 31, 2023 16:23

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The top ten cryptocurrency index had a gloomy session on Sunday. SOL blazed a trail below. For the first time in six sessions, BTC finished the day below $23,000.


On Monday, FTX Court updates were less frequent. Fed anxiety grabbed the global financial markets after momentarily divorcing from the NASDAQ Index, driving both the NASDAQ Index and the cryptocurrency market into the red.


Although tomorrow's 25-basis point Fed interest rate rise is the market's bet, concerns over Fed Chair Powell's future guidance weighed. Although US inflation may have decreased, the job market is still quite tight.


The US unemployment rate is at 3.5%, significantly below the Fed's 5% mandate, giving the Fed space to raise rates for a longer period of time.


The NASDAQ Index fell by 1.96% on Monday. Tech stocks were under pressure ahead of a major earnings week, with results being released this week from Apple (AAPL), Amazon.com (AMZN), and Alphabet Inc. (GOOGL), as Fed uncertainty gripped the market. Optimistic forecasts and a hawkish Fed would be pessimistic. The NASDAQ mini gained 26 points this morning.


Today's NASDAQ and larger crypto market will be influenced by US economic statistics and public opinion of the Fed. Investors should keep an eye on the cryptocurrency news wires, however, for any developments on FTX, Genesis, the SEC v. Ripple lawsuit, and other events that could affect the market.


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