On Thursday, September 15, important technical support for US dollars was broken quotations of gold futures. In the short to medium term, gold cannot protect investors and their money from being depreciated by inflation.
On the afternoon of September 15, there was a massive supply attack that breached the line of defense set at $ 1675-1680 per ounce of gold. Moreover, the day after, gold was trading even lower – at $ 1,662 / oz.
Fuel prices are down
Last week, we could finally observe declining prices at stations, although it must be admitted that diesel remains more expensive than gasoline, and the difference exceeds PLN 1 in many places.
In Poland, the average price of unleaded gasoline last week was PLN 6.36, according to BM Reflex data. This is the lowest figure since March 2022, although still very high.
LPG autogas cost on average PLN 3.10 per liter, which is PLN 0.05 per liter cheaper than last week. Diesel oil is still expensive – diesel cost PLN 7.36 per liter last week. Year on year, fuel prices increased by PLN 1.82 per liter, gasoline by PLN 0.17, and LPG by PLN 0.28.
The drops in fuel prices at Polish petrol stations are related to the current situation on world markets. It is enough to point out that the quotations of gasoline contracts in New York have remained close to the lowest levels since January. Futures rate on diesel fuel on the London Stock Exchange in turn, it was at the lowest level since March. Fuel would be even cheaper were it not for the fact that the US dollar is trading at a very high level.
Copper prices are going up
On London metal exchange in the third week of September we watched rising copper prices. This is due to reports of the thawing of investments in China by the real estate developer China Evergrande Group. Copper in 3-month deliveries on the London Stock Exchange (LME) was trading at USD 7,956 per ton at the end of the session. That’s 0.05 percent. more than the day before. In addition, on the Comex exchange in New York, it traded at $ 3.60190 per pound, gaining 0.24 percent. on its worth.
FedEx is the leader in Wall Street discounts
On Friday, September 16 on Wall Street in New York we watched a wave of discounts. Friday’s session on this one of the most famous stock exchanges in the world ended with declines led by FedEx. All because the company canceled its financial forecasts. Investors are concerned that higher than expected inflation will induce the Fed to more aggressive interest rate hikes.
The most important Wall Street stock indices depreciated – Dow Jones Industrial dropped 0.45% and the S&P 500 lost 0.72% at the end of the day. The same was the case Nasdaq Composite – the loss was 0.90 percent.
The dollar is more expensive than the euro
Last week we saw increases all the time US dollar quotation. It is gaining in value also thanks to the announcements of increases and the increases in the Fed’s main interest rates. The US dollar has not been so expensive for 20 years. Last week it cost over PLN 4.72, while before the outbreak of the war in Ukraine it was estimated at around PLN 4. Euro costs slightly less than USD.
Merge Ethereum made
In the last week on cryptocurrency market the very important event it was Merge Ethereum. This is an update to move on Ethereum platforms on the Proof-of-Stake protocol. This event, in fact, ended one stage in the history of cryptocurrency.
Ethereum is the second largest cryptocurrencyTherefore, the modification of the mechanism of its functioning must have had a certain impact on the valuation of cryptocurrencies. The price of ETH moved dynamically towards the $ 1800-1900 valuation.