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Daily summary: Pound's historic sell-off sinks markets!

The final session of the week saw a deepening of the stock market's discount and a strengthening of the US dollar, which has to do, among other things, with central banks tightening policy

PMI readings from Germany shook the market and deepened recessionary sentiment. The readings from the US surprised positively.

Germany's DAX stock index hit its lowest level this year today, as did the U.S. Dow Jones

Also, noteworthy was the British pound, which came under huge selling pressure, with the GBP depreciating more than 3,4% against the dollar, a rare volatility on the currency market

A speech by Fed chief Jerome Powell is scheduled for 19:00 BST so investors should pay attention to comments from this event

The commodities market is dominated by massive sell-offs. Brent and WTI crude oil lose more than 5%, NATGAS slides more than 3%. The strength of the US dollar is putting tremendous pressure on precious metals. Gold loses more than 1.3%, and silver more than 3.5%.

Interestingly, the sentiment from traditional markets is not shared by cryptocurrencies, which are relatively well-behaved in this week's last trading session. Bitcoin is losing just 2%, while Ethereum's declines are less than 1%. Dogecoin is currently gaining 4.5%, and Cronos is up over 10.5%. 

GBPUSD quotes took a dive after overcoming support stemming from the March 2020 low at 1.1420, a level that should currently be considered key resistance. In addition, the upper limit of the broad 1:1 pattern falls here, which represents the biggest correction in the entire downtrend, which has lasted since May 2021. Source: xStation5

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