1 Minute Market Rundown – 15th September 2022

Markets take a well deserved breather
USD continues to strengthen
ETH Merge smooth so far

A well needed rest for the markets yesterday as bruises were tended to from Tuesday’s dramatic moves. The bounce in stocks has been muted and the USD is giving up very little of its gains so it is hard to get excited about a turn around yet. Retail sales and jobless claims are all that the calendar holds in store for us today so I expect another quiet session in prospect.

EURO/USD is getting comfortable below parity again and the more time it spends here the more focus will switch back to a run at 0.9850. Only a move back above 1.0050 will relieve the pressure. Similarly USD/JPY is gearing itself up for another test of 145.00 as it nervously ticks up hoping the BOJ are asleep. I suspect this level will be taken out sooner rather than later as talk is cheap and its effects wear off quickly.

The big news today is the successful Merge for Ethereum. This has been a long time coming and it has so far run smoothly. Price action in the short term has been muted, and I think this will continue due to the immense amount of option interest that has been opened recently. This should not take away from the huge step forward the change is for ETH. As long as the next few days run smoothly I believe this will mark the lows for ETH and when the broader risk markets recover we can see significant gains going forwards.

As always, good luck out there.

Richard Usher – Head of OTC Trading

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Richard Usher
Written by
Richard Usher

Richard Usher, our Head of OTC Trading, has spent nearly 30 years in the world of Banking specialising in Foreign Exchange (FX) trading before combining his knowledge of these markets with Crypto. Most recently Richard was Head of FX for Europe the Middle East and Africa at J.P.Morgan, following on from his role as Chief FX dealer at Royal Bank of Scotland.

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