AUD/USD may mirror the price action from last month as the exchange rate struggles to hold above the 50-Day SMA (0.6969).

US stocks sank Tuesday amid growing recession fears after the IMF said the global economic outlook has darkened and US consumer confidence fell to its lowest level since February 2021.

Energy concerns trump all else for the Euro.

Rates markets are fully discounting a 75-bps rate hike by the Federal Reserve this week, with a 13% chance of a 100-bps rate hike.

The Euro has continued to weaken against major currency as disappointing earnings and gas shortages drive European stocks lower.

US consumer confidence data comes in weaker than expected ahead of Wednesday’s FOMC meeting,

DAX 40 struggles as EU reach an agreement to reduce gas next winter, Lufthansa cancels flights.

Cable loses upside momentum, trading below 1.2000. Polls suggest the BoE’s decision to hike 25 or 50 bps is closer than markets anticipate. Bearish repricing risk