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The EUR/USD has found support in the 50-hour simple moving average, which has been strengthening the 1.0350 level. The combination of these levels was enough to start a surge. The surge of the Euro against the US Dollar could encounter resistance in the 1.0450 and 1.0500 levels, before reaching the weekly R1 simple pivot point at 1.0512. Higher above,
In October, inflation in the United Kingdom has reached a 41-year high level, as annual inflation has reached 11.1%.
The Bank of Canada Governor Tiff Macklem has stated that the lower income Canadian are bound to be hurt the most by the ongoing economic decline.
In effort to oust Gazprom from the German market, the government of Germany has announced the nationalisation of the gas import firm Sefe.
The US food producer Tyson Foods has announced that the company would increase its 2023 earnings forecasts due.
US stock indices started the week's trading with a decline, as comments made by US monetary policymakers were indicated as the catalyst of the equity price move.
Ralph Lauren has announced that the company has beat its quarterly earnings expectations, as wealthy consumers have not been affected by inflation.
Despite high inflation, in October, US consumers continued to spend, as early Christmas shopping was attributed to a rise in expenditure.
The ECB supervisor Andrea Enria has stated that major banks should use their recent good profits to buyback their shares.
The cryptocurrency exchange FTX continues to look for additional funds, as Binance has announced that it would not bail out the company. The string of news associated with FTX has caused a major cryptocurrency sell off.
In October, Chinese exports have reportedly declined, as the Chinese economy is being impacted by the zero Covid policy.
The UK pharmaceutical company has announced that it would withdraw its application for an approval of its coronavirus vaccine in the United States.
The carmaker Mazda has revealed that despite current strong demand for vehicles in the United States the company expects a downturn, starting from spring of 2023.
The Swedish security firm beat its third quarter results. However, the company revealed that the future of global demand for security solutions is uncertain.
Tesla has announced another car recall, as nearly 40,000 vehicles are at risk of loosing power steering during driving on rougher roads or hitting a pothole.
Geely and Renault have announced that the companies would work together on new gasoline and hybrid vehicle engines.
The EU President Ursula von der Leyen has stated to the COP27 climate summit that countries should increase their actions in regards to climate change.
Bank sector supervisors of the European Central Bank have revealed that an ongoing evaluation of Eurozone banks has been looking for potential systemic vulnerabilities
In the aftermath of the US Federal Reserve Rate hike, a stock price surge and decline of the USD occurred. Financial market commentators attributed the financial fluctuations to a potential end of anti-covid measures in China.
Reuters reported this week that, despite sanctions, Binance had processed Iranian transactions up to an amount of eight billion US Dollars.
The US Natural Gas producers Chesapeake Energy has revealed that it expects inflation in the US gas regions to reach 15% during the next year, which is set to impact the company's expenses.
The Prime Minister of Poland Mateusz Morawiecki has revealed that the country's first power plant is set to cost around $20 billion. The power plant is set to be constructed by Westinghouse Electric Company.
The owner of KFC and Taco Bell has revealed that the company had beat its quarterly sales forecasts due to price hikes.
The US pharmacy and health insurance firm CVS Health has announced that it would increase its 2022 profit forecast due to strong third quarter results.