Morning wrap (09.07.2021)

• US indices finished yesterday's trading lower. S&P 500 dropped 0.86% while Dow Jones lost 0.75%. Nasdaq declined 0.72%. Russell 2000 finished trading 1.34% lower
• Pessimism dominated during the Asian trading hours. Nikkei dropped 1.5%, S&P/ASX200 moved 1.39% lower while Kospi declined 1.69%. Indices from China traded lower
• DAX futures point to a higher opening of the European session
• US reportedly added more Chinese firms to economic blacklist re human rights violations
• China inflation figures for June. CPI 1.1% y/y (expected 1.3%), PPI 8.8% y/y (expected 8.8%)
• South Korea reported record number of 1,316 new Covid-19 infections
• Australia's government has announced that due to rising number of cases approximately one million doses a week of the Pfizer vaccine will be provided 
• BNZ analysts (which is one of New Zealand's big four banks) are expecting the QE program in New Zealand will end soon
• Another tapering from the BoC coming up next week according to all 21 analysts surveyed by Reuters
• COMEX copper, silver margins lowered
• Oil is trading higher while precious metals decline slightly
• Bitcoin trades above $ 33,000 mark
• CHF and JPY are the best performing major currencies while NZD and AUD lag the most

USDJPY started today’s session with an upward move following yesterday’s plunge. The price is currently testing the earlier broken support at 110.00. If sellers manage to defend this level again, the support at 107.50 should be considered the first target for bears. On the other hand, should buyers manage to bring price back above 110.00 level, then another upward impulse towards 111.00 could be launched. Source: xStation5