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Despite a lower opening in the cash session, U.S. indexes are recovering losses throughout the day. US500 consolidates at highs around 5,300 points, while US100 gains 0.10% to 18,600 points.
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The dollar is one of the stronger G10 currencies today. USD gains from 0.4%, and for most currency pairs between 0.4-0.5%, and even up to 0.8% for NZD, AUD, and SEK.
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The Canadian retail sales report for January was better than expected. Nevertheless, overall sales still show a decline, which should bring the Bank of Canada closer to a rate cut in June. Overall retail sales: -0.3% (Expected: -0.4%, previously: 0.9%). Core retail sales: 0.5% (Expected: -0.4%, previously: 0.6%).
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The German Ifo reading positively surprised, indicating 87.8 compared to 86 forecasts and 85.5 previously. Growth was also observed in two sub-indexes; employment and expectations.
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However, EURUSD failed to maintain its initial reaction after the German data and fell nearly 0.5% today, under the pressure of the surging U.S. dollar.
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Nvidia (NVDA.US) gains 3.30% today to $945 per share, thus increasingly approaching the $1000 per share barrier. Investor optimism is driven by new products and projects announced during the week-long Nvidia GTC conference.
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Tesla (TSLA.US) loses over 1.30%, after sources from Bloomberg indicated the EV maker decided to reduce production in China to 5 days a week, compared to 6.5 previously. The Gigafactory in Shanghai will operate at reduced capacity, indicating falling demand in the world's largest EV market.
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Shares of medical marijuana-related companies are experiencing euphoric growth today. Stocks of Tilray (TLRY.US), Canopy Growth (CGC.US), Aurora Cannabis (ACB.US), and Cronos (CRON.US).
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Earlier this week, Vice President Kamala Harris spoke optimistically about the current efforts of the U.S. administration aimed at reducing federal regulations. Positive news also came from Germany, which plans to relax regulations.
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Cocoa gains 6.01% today, thereby reaching new record levels. At the time of publication, a ton of cocoa costs nearly $9,000, and the outlook for the coming months is not promising.
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The largest cryptocurrency, Bitcoin, continues to decline after nearly 2 billion dollars were withdrawn from ETF funds over the past few days. Tuesday's rebound was quickly erased, and the price has now fallen to $63,800.
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