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6:41 AM · 10 March 2021

Morning wrap (10.03.2021)

PLATINUM
Commodities
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  • US indices finished yesterday's trading higher. Nasdaq rallied 3.69%, S&P 500 gained 1.42% and Dow Jones closed 0.1% higher. Russell 2000 gained 1.91%

  • Trading in Asia was mixed. Nikkei finished flat, S&P/ASX 200 dropped 0.8%, Kospi traded 0.5% lower while indices from China gained.

  • DAX futures point to a slightly lower opening of European cash session

  • US House will vote and most likely pass Biden's $1.9 trillion stimulus plan today. Debate is scheduled for 2:00 pm GMT and vote will follow afterwards

  • US SEC will examine payments for order flow in the wake of GameStop situation

  • RBA Governor Lowe he would prefer weaker AUD but he also cannot say that its currently overvalued

  • Chinese CPI inflation increased from -0.3% to -0.2% YoY in February (exp. -0.4% YoY). PPI increased from 0.3% to 1.7% YoY (exp. 1.5% YoY)

  • API data showed a massive 12.8 million barrel build in weekly oil inventories report (exp. -0.8 mb)

  • Bitcoin trades slightly above $53,000 handle

  • Precious metals trade lower pressured by USD strength. Silver, platinum decline more than 1% while gold drops 0.3%. Palladium gains 0.4%. 

  • Oil, industrial metals and agricultural goods decline

  • USD is the best performing major currency while NZD and AUD underperform the most

Platinum is the worst performing precious metal today. Commodity is pressured by USD strengthening. PLATINUM continues pullback following a failed attempt of breaking above the upper limit of a triangle pattern. Source: xStation5

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