May 10, 2023
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Good Morning Traders
- Indices from Asia-Pacific are volatile today as investors opted to exit risky positions ahead of US CPI data. HKComp CFDs declined by 0.89% to 19,666 points and CHNComp by 1.33% to 6,667 points.
- S&P/ASX 200 gains 0.26%, Kospi trades -0.52%% lower and Nifty 50 drops 0.07%. Japanese Index Nikkei declined 0.26% to 29,134 points.
- DAX futures points to the same opening as yesterday’s close at the European markets today. CFD on DAX index is trading at 16,022 points.
- Discussions between White House officials and Republican leaders regarding the US debt ceiling have been postponed until Friday, following intense and heated deliberations.
- Joe Biden said that he is not ruling out a short term debt limit increase.
- The US CPI data is scheduled to be released today at 01:30 pm BST time, which is probably the most important event today. Figures are expected to be nearly at the same level as one month ago with CPI core at 5.6% and CPI at 5%.
- The US Trade Representative, Katherine Tai, is scheduled to hold a meeting with the Chinese Commerce Minister in Detroit later this month. Tensions between the US and China are still high. No additional information is available at this time.
- BoJ Ueda: during the peak of the pandemic in 2020, the Bank of Japan (BOJ) had accumulated unrealized losses of approximately ¥2-3 trillion (equivalent to $18-26 billion at that time) on its holdings of exchange-traded funds (ETFs). The current situation has significantly improved, but it doesn’t necessarily imply that the program will come to an end.
- Negative sentiment on the cryptocurrency market extends with major tokens failing to rebound from recent lows. Bitcoin is on the defensive amid rumors of a possible collapse of Binance. Ethereum dropped 0.2% to $1,840 and BTC is up 0.07% to $27,668.
- Energy commodities are trading lower – Brent and WTI trade 0.54% lower while US natural gas prices drop 1.0%
- Precious metals consolidate at the tops with gold trading above $2,000 per ounce, 0.23% lower and silver at $25.5.
Gold consolidates at the levels above $2,000.