What’s in store for markets this week!

After The UK government unveiled their top tax rate cut, setting fire to GBP Cross pairs, prompting an intensive sell-off on the cable

The UK’s turn of events 

After The UK government unveiled their top tax rate cut, setting fire to GBP Cross pairs, prompting an intensive sell-off on the cable. Forcing the Bank of England to intervene by buying 30 year bonds, in order to balance out the bond market. Backlash prompted the new PM Liz truss to withdraw her tax cut plan, sending the pound back to highest level in more than a week above the 1.12 mark targeting the area of 1.14.

In this case, the BOE is no longer set to have an emergency rate hike as speculation in the market murmured. 

And speaking of corrections most major assets have rebounded this week, with the U.S. market set for a quick bounce back, as news of hiking rates again in November by 75 basis points fade with other things in focus, giving the U.S. Dollar index a breather, and making room for stocks to uptick. 

NFP & OPEC+ on radar this week

Focus will fall on the Non-Farm payrolls this week, where they are expected to drop to 265K from 315K in September. The Friday figures are pretty important as they will indicate whether the Federal Reserve’s aggressive monetary policy has weakened the labor market or it still remains solid.

Especially after Powell’s speech after the September FOMC indicated that they expect to see softer readings from the labor market as a consequence to the aggressive tightening. Although so far, the labor market has been quite intact holding strong and reflecting nothing but a strong U.S. Economy. And I think the USD would agree.

On the radar this week too comes OPEC+ and reports of the organization and its allies to cut production, giving support to oil prices after almost 5 weeks of declines. Oil prices were able to move higher on the news. In addition to being supported by lower crude oil inventories. Geopolitical woes have also been a strong factor to backing this decision of cutting output.

WTI was able to break resistance of $81, climbing to above $82 while Brent opened on an upward gap to trade above levels of $88 per barrel. 

Geopolitical Woes

Meanwhile in the Eurozone, Russia’s Gazprom halts gas supplies to Italy making the Energy crisis at the front and center in market news this week. Especially after the IEA warns of more issues to be seen in winter. 

The Yellow-metal has indeed found support amid the current market uncertainties, moving up towards levels of $1685. As investors try to seek shelter from the current volatility in store. Yet its only natural to see markets witness a correction after the few past weeks of sharp declines. 

Read this next


FIA EXPO 2022: Interview with Trading Technologies

The derivatives trading industry has gathered in Chicago to attend the FIA EXPO 2022 on 14-15 November. 

Market News

What’s moving markets for the week ahead 

The US labor market and the OPEC+ meeting are the most important variables for next week.

Digital Assets

Payments innovator BVNK acquires SPS Ltd to become UK EMI licensed operator

“We believe that regulated, fiat-backed stablecoins combined with the best parts of traditional payments will provide the infrastructure needed to deliver this vision. We will continue to obtain new licences and build out our capabilities to provide our customers with an unparalleled offering.”


Innovations in Technology and the User Experience — A MarksMan Update

MarksMan Liquidity Hub, the go-to platform for crypto spot liquidity solutions, has just unveiled an exciting update with new UI/UX features.


Alveo adds Sentiment indicators, Tax, and Regulatory Risk data from SIX

“Market participants increasingly need on-demand access to our vast catalogue of global financial and investor protection related data.”


B2C2 taps KX to enhance analytics for institutional crypto

“KX technology is proven in enhancing a broad range of mission-critical data and trading systems across front, middle and back-office operations for the majority of the world’s leading tier-one banks, brokerages, and investment firms.”

Executive Moves

ADVFN appoints Amit Tauman as CEO

ADVFN operates global financial information websites for retail investors.

Institutional FX

HKEX launches Hang Seng TECH Index Futures Options, adds after-hours session

“The launch of the Hang Seng TECH Index Futures Options and enhancements to the broader suite of Hang Seng TECH Index derivatives today will provide global investors even more choice and flexibility, helping them to successfully manage their portfolios and risks.”

Industry News

Finastra opens Center of Excellence in Kuala Lumpur

Finastra has expanded its footprint by opening a Center of Excellence (COE) at Malaysia’s MRANTI Technology Park in Bukit Jalil, Kuala Lumpur.