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15.10.21 Market Review

PlusMarkets Analysis15/10/2021

The Market data was collected on 15 October 2021 at 09:45, and might have changed since then. Kindly refer to the listed sources for the most recent and updated information.

Asian shares track U.S. peers higher; dollar gains on yen
Asian shares advanced on Friday, warmed by the embers of a strong day on Wall Street which also supported risk-friendly currencies and hurt the safe-haven yen, though worries about the Chinese economy capped gains.

Oil prices were also back testing new multi-year highs, a drag on growth in energy-importing markets in north Asia, but good news for energy-exporting markets in Southeast Asia.

MSCI’s broadest index of Asia-Pacific shares outside Japan gained 0.6%, and Japan’s Nikkei rose 1.08%.

U.S. stocks powered ahead overnight after data showed a fall in new claims for unemployment benefits, lower-than-expected factory gate price inflation and forecast-beating results for the four largest U.S. consumer banks.

The Dow Jones Industrial Average jumped 1.57%, the S&P 500 climbed 1.46%, and the Nasdaq Composite leapt 1.68%, though analysts said Asia looked unlikely to match these rises.

[EIA/S]

https://www.investing.com/news/stock-market-news/asian-shares-track-us-peers-higher-dollar-gains-on-yen-2644670

https://www.investing.com/indices/japan-ni225-chart

Dollar Down, Set to Break Upward Trend as Risk Appetite Returns

The dollar was down on Friday morning in Asia, set for its first weekly decline since the start of September. It retreated from a one-year high as investors focus on when the U.S. Federal Reserve will start to hike interest rates.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.02% to 93.938 by 12:54 AM ET (4:54 AM GMT).

The USD/JPY pair was up 0.27% to 113.97.

The AUD/USD pair inched up 0.07% to 0.7420 and the NZD/USD pair was up 0.28% to 0.7055.

The USD/CNY pair inched down 0.04% to 6.4356 while the GBP/USD pair inched up 0.10% to 1.3687.

Improving risk sentiment, which boosted global stocks, commodity prices, and bond yields, also weighing on the safe-haven dollar. It only maintained the momentum of the past five weeks against the yen, its fellow safe haven.

“We end the week with risk flying. Equities are going up hard, and the yen has no place as a hedge,” because it would just drag on overall portfolio performance, Pepperstone head of research Chris Weston said in a note.

https://www.investing.com/news/forex-news/dollar-down-set-to-break-upward-trend-as-risk-appetite-returns-2644713

https://www.investing.com/currencies/usd-jpy-chart

Bitcoin nears $60,000 as investors eye first U.S. ETFs

Bitcoin hit a six-month high on Friday, approaching the record hit in April, as traders became increasingly confident that U.S. regulators would approve the launch of an exchange-traded fund based on its futures contracts.

The world’s biggest cryptocurrency rose nearly 4% to as high as $59,664, its highest since mid-April. It has doubled in value this year and is near April’s record high of $64,895.

The U.S. Securities and Exchange Commission (SEC) is poised to allow the first U.S. bitcoin futures ETF to begin trading next week, Bloomberg News reported on Thursday, citing people familiar with the matter.

Ben Caselin, head of research and strategy at Asia-based cryptocurrency exchange AAX, said bitcoin’s spike above $59,000 wasn’t arbitrary and long-term investors had been accumulating it for a while.

“It is widely expected that Q4 will see significant progress around a bitcoin ETF in the U.S.,” he said.

Friday’s moves were also spurred by a tweet from the SEC’s investor education office, he said.

https://www.investing.com/news/stock-market-news/us-sec-poised-to-allow-first-bitcoin-futures-etf–bloomberg-news-2644681

https://www.investing.com/crypto/bitcoin/chart

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Risk disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.06% 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.
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