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U.S. indexes end the first session of the week without a clear direction. The US500 is up 0.05%, while the US100 loses 0.05%. Investors are waiting for the CPI report from the U.S. on Wednesday, expected to dictate the market sentiment for the coming days.
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The USD is one of the weakest currencies among the G10 today. The USD index, USDIDX, is down nearly 0.20%. EURUSD is up 0.18% to 1.0856.
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Uncertainty in the markets is visible through the rising yields of U.S. 10-year bonds, which today reached 4.41%, the highest level since the end of November 2023.
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On the broader FX market, the Australian and New Zealand dollars are performing very well, while we see significant drops in the Swiss Franc and Japanese Yen.
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Wall Street shows mixed sentiments. On one hand, gains in the Russell 2000 and Nasdaq indexes are supported by a weakening dollar. On the other hand, they are counteracted by the yields of U.S. bonds, which are pointing in a different direction, gaining today to 4.43% – levels last seen at the end of November 2023.
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Tesla is an American company that is drawing investor attention today, with its shares gaining close to 5%, thereby recovering some of the significant losses observed since the beginning of 2024. Shares positively reacted to the announcement that Tesla's long-awaited robotaxi product will be unveiled on August 8 this year.
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Microchip Technology has strengthened its partnership with Taiwan Semiconductor Manufacturing Company (TSMC) by integrating a specialized 40-nanometer manufacturing process at Japan Advanced Semiconductor Manufacturing.
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The NY FED's forecasts today indicate slightly higher inflation in the medium term.
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Data on industrial production in Germany for February was published today in the first part of the day. The report was a big positive surprise. Monthly, production rose much more than expected, while the annual decline was significantly less than expected. Monthly: 2.1% m/m vs. expected 0.3% m/m (previously 1.0% m/m). Annually: -4.9% y/y compared to expected -6.8% y/y (previously -5.5% y/y).
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Bitcoin begins the new trading week with a dynamic upward movement, breaking above the $71,000 level. The popular cryptocurrency enters a key phase just before the halving, estimated to occur on April 20, 2024.
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