What’s moving the market?
Germany is moving “as fast as possible” to end its reliance on Russian energy but there is a bigger price to pay. The country’s top forecasters have warned that Germany would lose nearly $240 billion in economic output over the next two years. That would plunge the German economy into a deep recession.
It has been a painful month for investors and traders of China’s financial market. Sentiment towards the country’s assets have gone sour due to the major lockdown in multiple metropolitans as the country tries to stem the spread of the virus.
The prices of goods are getting out of hand as time goes by. The U.S. and Australia consumers are feeling the pinch. Australia’s core inflation is expected to breach the upper end of the Reserve bank’s 2-3% target for the first time since 2010, adding pressure on policy makers to raise the interest rates further.
Forex Fun Fact
Did you know that the GBP/USD currency pair is known as the Cable in the forex market?
The reason why the pair is called the Cable is that before the advent of satellites and fibre optics, the London and New York Stock Exchanges were connected via a giant steel cable that ran under the Atlantic.