Trading News on 30th September 2023 - Brokers To Trade With
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Trading News on 30th September 2023

The global stock markets ended the week on a negative note, as investors were concerned about the implications of rising interest rates and inflation on the economic recovery.

Earlier this week The US Federal Reserve indicated that it might begin to reduce its bond-buying program in the near future and raise interest rates by late 2023. This caused the S&P 500 and the Nasdaq to decline for the third consecutive day, while the Dow Jones managed to close slightly higher.

The European markets also closed lower, as the preliminary eurozone manufacturing activity decreased more than expected in September. The UK’s FTSE 100 was an exception, as it ended flat thanks to the gains in the financial and mining sectors.

The forex market experienced some volatility on Friday, as the US dollar strengthened against most of its major counterparts. 

The greenback was supported by the hawkish Fed stance and the upbeat US consumer sentiment data. The pound and the euro both weakened against the dollar, as they faced pressure from the disappointing eurozone and UK PMI data.

The Japanese yen also lost ground against the dollar, as it was weighed down by the political uncertainty ahead of the general election. The Australian and New Zealand dollars were among the few currencies that gained against the dollar, as they benefited from the higher commodity prices.

The cryptocurrency market showed a mixed performance on Friday, as some of the leading coins recovered from their recent losses, while others continued to slide.

Coinbase, one of the largest crypto exchanges, reported that its trading volume declined by 38% in the second quarter, as the crypto market cooled down after a record-breaking first quarter. Coinbase also faced challenges in diversifying its revenue streams beyond trading activities, as it relied heavily on transaction fees.

Bitcoin, the largest cryptocurrency by market cap, bounced back above $40,000 after testing the $37,000 support level earlier this week. Ethereum, the second-largest cryptocurrency, also regained some ground and traded above $2,800; However, some of the other popular coins, such as Cardano(ADA), Solana(SOL), and Binance Coin(BNB), extended their losses and traded lower.

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