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GBP trading this week has been driven anticipation of Wednesday’s UK budget.
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EURGBP UPDATE
- The UK budget will be a focus on Wednesday as GBP buying ahead of it, most notably vs the EURÂ drove it higher until whatever order behind it was filled and the moves ran out of steam
- So, watch EURGBP for a clue (both for GBPUSD and EURUSD) after the budget with 8758-63 (Tuesday low 8765) Â on the downside and 8800 on the upside the levels to watch.
EURGBP 4 HOUR CHART
Newsquawk US Stock Market Wrap
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NAS100 (NASDAQ) UPDATE
- Positive day that saw 25000+ trade despite early underperformance.
- A move through 25283 is needed to not only make a full recovery of the plunge to 23833 but to turn the move into an uptrend.
- If not, range is to 24543 with a bis=d as long as it trades above 24930.
NAS100 4 HOUR CHART
Newsquawk Market Wrap
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Came out awhile ago… may have taken some wind out of USD selling along with GBP buying running out of steam
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XAUUSD (GOLD) UPDATE
No change to this earlier poste xcept high has been extended to 4159
- With downward momentum broken, today’s high at 4155 becomes the obstacle to putting 4200 on the radar.
- On the downside, support at 4110 needs to hold to keep a bid. Fallback support 4063-88.
XAUUSDÂ 4 HOUR CHART
Who Is Kevin Hassett and is he qualified to be the next Fed Chair?
Education:
- Bachelor’s degree from Swarthmore College.
- MA and PhD in Economics from the University of Pennsylvania.
Career
- Taught as an associate professor of economics & finance at Columbia Business School.
- Visiting professor at NYU Law School.
- Economist at the Federal Reserve Board of Governors (1990s).
- U.S. Treasury as a policy consultant.
- Longtime scholar at the American Enterprise Institute (AEI), focusing on tax policy, fiscal issues, energy, and investing.
Government Service (Trump Administration):
- Chair, Council of Economic Advisers from Sept 2017 to June 2019.
- Returned in 2020 as senior economic adviser during the COVID-19 pandemic, focusing on economic modeling and forecasting.
- In early 2025, he was appointed Director of the National Economic Council under Trump.
USD SPIKES DOWN ON REPORT OF FED CHAIR FRONTRUNNER
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Let the negotiations begin
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CB consume confidence miss
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GBP spiked higher (up vs. EUR as well) on budget headline…
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US Sept PPI in line with cosnensus (also old data)
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Sept Retail Sales miss (but old data)
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ADP weekly jobs lower (next up Sep Retail Sales and PPI)
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Ukraine agrees but what about Russia?
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