US Stock fell as market worries about recession

　　

As global investors worry about a recession, U.S. stocks fell on Monday. The Dow fell 162.92 points to 32757.54. S&P 500 dropped 34.7 points to 3817.66. Tech-heavy Nasdaq rose 159.38 points to 10546.03. The Fed, BoE, and ECB raised rates by 50 basis points last week to curb inflation.

The benchmark 10-year U.S. government yield rose to 3.596% yesterday. The S&P500 lost 0.9% and the DJIA 0.5%. Communication Service had the worst day, dropping 2.19%. Ten of eleven sectors were negative. On Monday, only the Energy sector rose 0.13%.

Main Pairs Movement

Investors were cautious on Monday, keeping the US Dollar index flat. In the first part of the day, the DXY index fell dramatically to a daily low of around 104.1 in the middle of UK trading. In the second part of Monday, the US dollar recovered most of its losses.

As market players await stories indicating more economic pain for the UK and the next move of the safe-haven greenback, the GBPUSD has not moved today. In the morning, the pair rose to 1.2240 before turning south. Late UK trading erased the cables’ daily gain. The EURUSD fell sharply in the late UK trading hour and gained 0.2% on Monday.

No catalyst changed sentiment, therefore Gold fell 0.3%. After reaching a daily high at $1799, the XAUUSD fell below $1787 in the American trading session.

Economic Data

Currency	Data	Time (GMT + 8)	Forecast
AUD	RBA Meeting Minutes	08:30	N/A
CNY	PBoC Loan Prime Rate	09:15	N/A
JPY	BoJ Monetary Policy Statement	11:00	N/A
JPY	BoJ Press Conference	11:00	N/A
USD	Building Permits (Nov)	21:30	1.485M
CAD	Core Retail Sales (MoM) (Oct)	21:30	1.4%