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On December 7, the African Union (AU) and the Economic Community of West African States (ECOWAS) issued separate statements strongly condemning the attempted coup in Benin that day. The AU statement said that any form of military intervention in a political process is a serious violation of the AUs fundamental principles and values. AU Commission Chairperson Yusuf called on all those involved in the coup attempt to immediately cease all illegal actions and fully comply with the Benin Constitution. The ECOWAS statement said that the coup attempt violated the Benin Constitution, and ECOWAS commended the Benin government and its armed forces for their efforts to control the situation.French President Macron: Monetary policy should take into account employment and economic growth.On December 7th, Ukrainian President Volodymyr Zelenskyy posted on his official social media platform that Russia had launched over 1,600 drones, approximately 1,200 guided-missile bombs, and nearly 70 missiles of various types at Ukraine this week alone. Zelenskyy stated that on the 7th, the Russian military attacked Ukraine with over 240 drones and 5 ballistic missiles. Seven regions in Ukraine were damaged, with casualties reported in some areas. He indicated that Ukraine continues to cooperate with its partners to strengthen its defenses. Currently, Russia has not responded to this.The Russian Ministry of Defense stated that Russian forces launched a coordinated attack last night on Ukraines transportation infrastructure, fuel and energy facilities, and long-range drone bases.According to RIA Novosti: Russian troops have occupied Kucherivka in the Kharkiv region of Ukraine.

Copper prices tumble after encountering resistance near $3.60; DXY completes correction

Alina Haynes

Aug 30, 2022 11:49

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Copper prices are falling sharply after detecting selling pressure near the crucial $3.625 barrier during the Asian session. The asset's pullback move after hitting a low of $3.5715 on Monday is losing momentum, and the end of the pullback move indicates a new leg of selling is imminent.

 

The basic metal is anticipated to continue under the control of bears in light of bearish market mood. The US dollar index (DXY) is poised for a fresh upward surge as investors have begun buying the DXY in response to Federal Reserve (Fed) chair Jerome Powell's hawkish remarks on interest rate guidance at the Jackson Hole Economic Symposium.

 

After the Federal Reserve (Fed) favored inflation fix above lower growth estimates, the risk-off market sentiment has supported the DXY. The DXY is anticipated to surpass its 20-year high of 109.29, set on July 14.

 

Taking into account the essential core concepts, the decision to address inflation turmoil before optimism looks mature. The US inflation rate is soaring, and a single indication of tiredness is insufficient to allow Fed policymakers to lay back and relax.

 

On the China front, the recurrence of Covid-19 cases has heightened fears of an economic slowdown in China. The news from Reuters that China recorded 1,344 new asymptomatic coronavirus cases on the mainland on August 28, up from 1,137 the previous day, has sparked worries of a lockdown to restrict the disease's spread. Copper prices may be weighed down by a forecast of weak demand.

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