Morning wrap (23.11.2021)

9:53 am 23 November 2021

  • US indices launched yesterday's trading in upbeat moods but the majority of gains were erased by the time the market closed. Dow Jones gained 0.05%, S&P 500 dropped 0.32% and Nasdaq moved 1.26% lower

  • Tech shares were pressured by pick-up in yields. US dollar as well as yields jumped after White House said Biden will nominate Powell for second term as Fed chair

  • Indices in Asia traded mixed - S&P/ASX 200 gained, Kospi moved lower and indices from China struggled to find common direction. Japanese stock markets were shut for holiday

  • Rumours mount that the United States will announce the release of Strategic Petroleum Reserves today. OPEC said that if reserves are released, it will reconsider whether to boost output during the next meeting

  • United States is reportedly mulling whether to send military advisors and weapons to Ukraine amid threat of Russian invasion

  • Flash Australian manufacturing PMI for November came in at 58.5 (exp. 60.7) while services gauge reached 55.0 (exp. 52.7)

  • NZD and JPY are the worst performing major currencies while CHF and EUR gain the most

  • Bitcoin is trading slightly above $56,000 mark

  • Precious metals trade mixed - gold and platinum trade flat, silver drops over 1% while palladium gains over 1%

  • Oil and industrial metals trade lower

US dollar spiked after White House confirmed Powell's nomination for the second term. USDJPY managed to break through a long-term resistance zone ranging below 114.50 and jumped above the 115.00 handle for the first time since early-2017. Source: xStation5

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