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Indices on Wall Street erased losses from the first part of the session. The indices opened today with over a 0.60% loss. However, at the time of publication, the declines on both the US500 and US100 were erased, and the indices are now gaining around 0.45-0.50%. The small-cap index is performing the worst, down 0.20%.
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The dollar is slightly down at the end of the day. The USDIDX dollar index is down 0.05%. One of the stronger G10 currencies today is the Japanese yen (JPY), with the USDJPY pair down 0.35% to 146.6000. Nevertheless, movements in the currency market are limited today.
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EURUSD remains stable at a level slightly above 1.0900. There are no significant changes in expectations regarding Fed rates today.
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Yields on U.S. Treasuries are slightly rebounding. The 2-year bond yields have returned above 4.00%, and the 10-year bond yields are rising to 3.95%.
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Inflation in Germany remains at 2.3% year-on-year, in line with expectations and the previous reading.
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Employment in Canada is declining for the second consecutive month. However, it’s important to note that full-time employment increased significantly, while part-time employment saw a sharper decline. The unemployment rate remained at 6.4%.
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Crude oil is rising for the third consecutive session, with WTI approaching the $77 per barrel level. Positive sentiment on the stock market, which indicates that a recession is not the baseline scenario, is helping. WTI is up nearly 1%.
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Gold is clearly rebounding, marking another consecutive day of gains, and will likely end the week above $2,400 per ounce.
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Cocoa is rebounding by over 5% at the end of the week, and is up over 20% for the entire week. The strong increases are related to weather conditions in West Africa and rolling trades that have increased demand among previous sellers.
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Bitcoin is reducing earlier gains and is approaching the $60,000 level again, despite the recent resurgence in Bitcoin purchases through ETFs.
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