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US indices finished yesterday’s trading with big losses as all major Wall Street indices dropped over 1%. Underperformance came after weaker-than-expected US data, like retail sales and PPI

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– US indices finished yesterday’s trading with big losses as all major Wall Street indices dropped over 1%. Underperformance came after weaker-than-expected US data, like retail sales and PPI
– S&P 500 dropped 1.56%, Dow Jones moved 1.81% lower, Nasdaq declined 1.24% and Russell 2000 plunged 1.59%
– Indices from Asia-Pacific traded mixed today. S&P/ASX 200 gained 0.6%, Kospi added 0.5%, Nikkei dropped 1.4%, Nifty 50 declined 0.2% and indices from China traded mixed
– DAX futures point to a more or less flat opening of the European cash session today
– Fed Harker said that Fed’s policy rate should not be hiked to very restrictive levels. Fed Logan said that she would favour slowing pace of rate hikes
– Takatoshi Ito, one of contenders to succeed Kuroda as Boj Governor, said that tolerance band around target yield could be widened further by mid-2023
– New Zealand’s Prime Minister Ardern announced that she will resign on February 7, 2023 and will not run for re-election in elections scheduled for autumn 2023
– AUD weakened following Australian jobs data for December. Report showed a 14.6k employment drop (exp. +22k) and unemployment rate ticking higher from 3.4 to 3.5% (exp. 3.4%)
– Japanese exports increased 11.5% YoY in December (exp. 10.1% YoY) while imports were 20.6% YoY higher (exp. 22.4% YoY)
– API report on US oil inventories pointed to an unexpected 7.61 million barrel build (exp. -1.8 mb)
– Cryptocurrencies trade mixed but scale of moves is rather minor. Bitcoin trades 0.2% higher, Ethereum trades flat and Dogecoin drops 0.1%
– Oil is trading 0.2-0.3% lower while US natural gas prices rise 1.2%
– Precious metals trade mostly higher. Gold and palladium gains 0.4%, platinum adds 0.5% while silver is a laggard with 0.2% drop
– JPY and EUR are the best performing major currencies while AUD and NZD lag the most

AUD is the worst performing G10 currency today, following release of lacklustre Australian jobs data for December. AUDJPY slumps 1.4% today and is attempting to make a break below the 88.20 support zone, marked with the lower limit of market geometry. Source: xStation5

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