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USD/JPY rallies to 3-year high

“Always deliver more than expected.” — Larry Page

 

 

HEADLINES

 

 

  • USD/JPY rallies to fresh three-year highs around 113.30
  • GBP/USD retraces from two-week tops, hovers around 1.3620
  • Gold slips as dollar rally eclipses stagflation worries
  • Oil settles up 1.5%; hits multi-year highs on surging demand
  • US STOCKS-Wall St eases as caution rises over earnings; financials down
  • Hong Kong jumps nearly 2%; Singapore’s travel-related stocks
  • Jamie Dimon calls bitcoin worthless, but concedes clients want it
  • CHART: USD/JPY

 

 

FOREX

 

 

USD/JPY rallies to fresh three-year highs around 113.30

 

The USD/JPY is soaring during the New York session, trading at 113.38, up 1.03% at the time of writing. The risk-on environment, as witnessed by US stock indices trading in the green, post gains between 0.43% and 0.86%. Also, the US T-bond yields, with the 10-year benchmark note rate rising above the 1.60% threshold, exert upward pressure on the USD/JPY pair.

 

GBP/USD retraces from two-week tops, hovers around 1.3620

 

The GBP/USD approaches last week’s highs around 1.3657, is trading at 1.3633, up 0.10% during the New York session at the time of writing. Market mood is upbeat, as it can be witnessed by European and US stock indices posting gains… Earlier in the Asian session, the British pound reached a weekly high of around 1.3670. The factors that prompted that upward move are comments made over the weekend by Bank of England (BoE) members.

 

 

COMMODITIES

 

 

Gold slips as dollar rally eclipses stagflation worries

 

Gold prices edged lower on Monday, weighed by a rallying dollar on bets the U.S. Federal Reserve would not put off stimulus tapering, although stagflation expectations limited losses in inflation-hedge bullion. Jitters over high inflation combined by stalling economic growth stunted global shares, amid rallying oil prices.

 

Oil settles up 1.5%; hits multi-year highs on surging demand

 

Oil prices jumped on Monday to the highest levels in years, fuelled by rebounding global demand that has contributed to power and gas shortages in key economies like China. The pace of economic recovery from the pandemic has supercharged energy demand at a time when oil output has slowed due to cutbacks from producing nations during the pandemic, focus on dividends by oil companies and pressure on governments to transition to cleaner energy.

 

 

STOCKS

 

 

US STOCKS-Wall St eases as caution rises over earnings; financials down

 

U.S. stocks ended a choppy session lower on Monday as investors grew more nervous ahead of the third-quarter earnings reporting season. Supply chain problems and higher costs for energy and other things have fueled concern about earnings, set to kick off with JPMorgan Chase & Co results on Wednesday. Indexes reversed early gains, and JPMorgan shares were down and among the biggest drags on the S&P 500, while the S&P financial index was also lower.

 

Hong Kong jumps nearly 2%; Singapore’s travel-related stocks soar

 

Shares in Asia-Pacific were mixed on Monday as stocks in Hong Kong led gains regionally. Hong Kong’s Hang Seng index closed 1.96% higher at 25,325.09. Shares of Meituan in Hong Kong surged 8.36%. China’s market regulator on Friday said it had fined the company about 3.4 billion Chinese yuan ($527.71 million) after finding it guilty of monopolistic practices. Still, that was far smaller than the 18.23 billion yuan ($2.8 billion) fine that Alibaba had been slapped with back in April.

 

 

CRYPTO

 

 

Jamie Dimon calls bitcoin worthless, but concedes clients want it

 

Jamie Dimon, JPMorgan Chase chairman and CEO, isn’t a fan of bitcoin, the largest cryptocurrency by market value. “I personally think that bitcoin is worthless,” Dimon said during an Institute of International Finance event on Monday, CNBC Pro reported. But, “I don’t want to be a spokesperson — I don’t care. It makes no difference to me,” he said. “Our clients are adults. They disagree. That’s what makes markets. So, if they want to have access to buy yourself bitcoin, we can’t custody it but we can give them legitimate, as clean as possible, access.”

 

 

CHART

 

 

Dollar / Japanese yen – Daily Candlesticks

Source: GKFX Prime Metatrader 4

USD/JPY has broken out to a 33-month high and looks on course to challenge the next resistance at 114.50. - Prepared by Trading Writers*

 

 

CALENDAR

 

 

*Times in GMT

Source: FX Street Economic Calendar

 

 

SOURCE

 

 

https://www.fxstreet.com/economic-calendar
https://www.cnbc.com/2021/10/11/jamie-dimon-calls-bitcoin-worthless-but-compares-it-to-cigarettes-and-concedes-clients-want-it.html
https://www.cnbc.com/2021/10/11/gold-markets-federal-reserve-dollar.html
https://www.fxstreet.com/news/usd-jpy-rallies-to-fresh-three-year-highs-around-11330-202110111626
https://www.reuters.com/article/usa-stocks/us-stocks-wall-st-eases-as-caution-rises-over-earnings-financials-down-idUSL1N2R71O8
https://www.cnbc.com/2021/10/11/asia-markets-south-korea-markets-closed-us-jobs-report-currencies-oil.html
https://www.investing.com/news/commodities-news/oil-gains-as-energy-demand-rises-wti-tops-80-2639696
https://www.investing.com/news/economy/dollar-hits-212year-high-against-yen-as-fed-tapering-seen-on-track-2639669
https://www.fxstreet.com/news/gbp-usd-retraces-from-two-week-tops-hovers-around-13620-202110111520

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