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Morning wrap (13.10.2021)

  • US indices finished yesterday's trading slightly lower. S&P 500 dropped 0.24%, Nasdaq moved 0.14% lower and Dow Jones declined 0.34%

  • Stocks in Asia traded mixed. Nikkei and S&P/ASX 200 dropped slightly while Kospi booked decent gains. Stock market session in Hong Kong was cancelled today due to incoming typhoon

  • DAX futures point to a flat opening of the European cash session

  • According to senior White House official, Biden Administration is preparing to take "aggressive steps" in order to address range of risks posed by cryptocurrencies

  • US House of Representatives passed increase in the US debt limit

  • While some Fed members seem to lose faith in the transitory nature of inflation, Treasury Secretary Yellen sticks to her view. Yellen said that she still believes that high inflation in the United States is transitory

  • Fed Bullard said that he supports the beginning of tapering in November. He also said that,  if needed, he wants Fed to be able to raise rates in spring or summer next year

  • United States and Canada will reopen the land border for non-essential travel in November. However, only vaccinated travellers will be allowed to cross the border

  • According to media reports, Apple will cut iPhone 13 production targets for this year by 10 million units due to semiconductor shortages

  • Japanese core machinery orders dropped 2.4% MoM in August (exp. +1.6 MoM)

  • Chinese exports increased 28.1% YoY in September (exp. 21.5% YoY) while imports were 17.6% YoY higher (exp. 19.2% YoY)

  • Bitcoin is trading a touch lower today but most of the altcoins post small gains

  • Precious metals trade slightly higher, oil pulls back a little while industrial metals book decent gains

  • EUR and GBP are the best performing major currencies while AUD and USD lag the most

GBPUSD bounced off the area marked with the lower limit of market geometry and a 50% retracement of the correction launched in late-September (1.3580). The pair tested 61.8% retracement earlier this morning but failed to break above. Key near-term resistance can be found in the 1.3640 area and marks the upper limit of the current trading range. Source: xStation5

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