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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Morning wrap (03.10.2022)

05:49 3 October 2022
  • Indices from Asia-Pacific traded mixed today. Nikkei gained 0.5% while S&P/ASX 200 dropped 0.3%. Liquidity was thinner due to market holidays in China and South Korea

  • US and European index futures dropped at the start of a new week but have recovered the majority of the drop since. DAX futures trade around 150 pts below Friday's cash close

  • Telegraph reports that vote on cutting UK income tax rate for high earners from 45 to 40% will be postponed until sources of financing are presented in budget in late-November

  • BBC reports that whole idea of tax cut for high earners may be dropped

  • S&P maintained 'AA' rating on the UK debt but changed outlook from "stable" to "negative"

  • Japan's finance minister Suzuki repeated that authorities are monitoring FX moves and will respond if necessary. USDJPY jumped above 145.00 today, a level that trigger intervention two weeks ago

  • Oil is trading higher at the beginning of a new week amid media chatter that OPEC+ may cut output this week by 1 million bpd or 1.5 million

  • Precious metals gain as the US dollar rally is taking a pause this morning. Gold and platinum gain 0.2% while silver is rallying 2%

  • AUD and NZD are the best performing major currencies while JPY and USD lag the most

  • Cryptocurrencies are pulling back. Bitcoin trades 0.2% lower, Ethereum drops 0.7% while Ripple slides over 4%

USDJPY jumped above a key 145.00 resistance zone this morning, leading to a verbal intervention from finance minister Suzuki. The pair pulled back slightly since but remains near recent highs. Source: xStation5

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