Oil prices face renewed selling pressure as a combination of hawkish Central Banks and rising recessionary fears weigh on prices. Is a retest of the YTD low on the cards?

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​​Outlook on FTSE 100, DAX 40 and S&P 500 as further rate hikes lie in store.

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The euro is on offer this morning as German and EZ PMI’s miss forecasts while risk aversion augments the downside move.

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Gold’s fall below key support confirms that the multi-week upward pressure has faded as hawkish central bank rhetoric and improving broader risk sentiment diminish the safe-haven appeal of the yellow metal.

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Fed Chair Jerome Powell reiterated his hawkish tone but Wall Street seems to be taking it in stride this time, with the S&P 500 and Nasdaq overturning their three-day losing streak.

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