US physical market was closed for federal holidays while the equity markets remained open.
Forex trading in its own world and while liquidity was down with partial vacations to the US and Canada, currency movements weren’t small either.
Greg has the market report here:
following is my (selective) summary of a very large Monday:
- Oil prices have come back (much) higher, contributing to rising global bond yields due to increased concerns about inflation (higher oil prices are being passed on to goods and services)
- China’s coal futures markets rose more than 10% on Monday, hitting all-time highs. Heavy flooding in Shanxi province (responsible for around 30% of glue production) has blocked at least 60 mining operations (out of 682 mines in the region)
- Continues to rise on Monday, copper almost + 2%, iron ore futures + 3.5%
- US stock indices down
In the FX space:
- USD / JPY soared, driven by rising oil prices and higher yields in the US.
- AUD is relatively outperforming, NSW’s largest state is reopening when vax targets are met – Australian state (along with Victoria) has abandoned its ‘zero’ covid policy now that vaccination is available ; people are now being urged to take responsibility for their health and get vaccinated
- AUD also benefited from iron ore – it has risen around 50% from recent retracement lows reached in September.
- Oh yeah… JPM big wig Dimon said that Bitcoin is worthless. I extend my offer for you to come and collect whatever you want to throw away.
Read also Gold prices fall as the US dollar nears its new 2021 high png »title =» »class =» cms-png img-responsive »alt =» holiday graphic usydyen «/>
What is my missing packaging? Any move you like to notice, in the comments please folks!
Source link
more
