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The session in the Asia-Pacific region is proceeding moderately. Chinese indices are gaining between 0.30-0.60%, the Singaporean SG20cash index is up 0.30%, and the Australian AU200.cash is trading 0.20% higher. The stock exchange in Japan remains closed today due to a national holiday.
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This week will be crucial for investors, as tomorrow a new president will be elected in the USA, and on Thursday, the FOMC committee will make its decision regarding interest rates. A 25 basis points cut is currently almost fully priced in. However, investors' attention will focus on the speech by Fed Chairman Jerome Powell and the outlook for the coming months.
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In the first part of the day on the Forex market, we observe significant declines in the USD index, USDIDX. At the time of publication, the index is trading 0.60% lower at 103.6000 points. Such significant volatility results from the upcoming elections in the USA and the drastic drop in betting odds for Trump's victory.
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Just on Friday before the weekend, bookmakers priced over a 62% probability of Trump's win. At the time of publication, it is only 54%. This large shift is due to profit-taking by speculators.
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The decline in the dollar occurs despite strongly rising oil prices. OIL.WTI quotes are up 2.10% today to 70.80 USD per barrel following OPEC+'s decision to delay production increases by a month.
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On Sunday, OPEC+ announced that it would extend the production cut of 2.2 million barrels per day (bpd) by another month in December. The production increase has already been delayed from October due to falling prices and low demand. The group was set to increase production by 180,000 barrels per day from December.
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The RBNZ has issued a preliminary release for its upcoming Financial Stability Report, highlighting significant geopolitical risks as a key concern for financial stability. Key risks stem from global tensions over Russia, China and the Middle East.
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Israel officially notified the United Nations on Monday of the cancellation of the agreement that has governed its relationship with the main UN organisation for the relief of Palestinian refugees (UNRWA) since 1967. Last month, the Israeli parliament passed a law banning UNRWA from operating in Israel.
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In the cryptocurrency market, we are observing declines, supported by falling betting odds for Donald Trump's victory and overall investor uncertainty related to the upcoming elections.
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Bitcoin has fallen back below the 70,000 USD level and even tested 67,500 USD over the weekend. At the time of publication, it is slightly rebounding to 69,000 USD.
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