Daily Alert – Wednesday 10th November 2021: All eyes on US CPI

Mark NugentDaily Alert, Nov 2021

Daily Alert – Wednesday 10th November 2021: All eyes on US CPI

Good morning traders.

Risk-off sentiment crept in yesterday with US equity indices posting only the second down day in the last month. Both WTI (oil) and GOLD returned to their recent highs (which of course is also potential resistance). The JPY (up) and AUD (down) reacted to the sentiment as expected.

The Whitehouse announced that President Biden and China’s President Xi will hold a virtual summit next week. Remember the endless market-damaging nonsense between Trump and Xi in the last administration? I don’t want to see any more of that, and I don’t think we will.

US CPI is looming at 130pm GMT. With markets predicting interest rate hikes and central banks backing off that narrative, actual CPI numbers may well have a large impact. I will be watching this closely.

We’ll be back tomorrow.

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