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Asia-Pacific indices traded at mixed levels during Wednesday's trading session, weighed down by uncertainty stemming from today's release of an important CPI inflation report from the US. Japan's Nikkei lost nearly 0.65%, Australia's S&P/ASX 200 traded 0.38% above yesterday's closing levels, and India's Nifty 50 rallied nearly 0.15%. The Hang Seng Index is currently leading the gains in APAC markets, posting 1.21% gains on a daily basis
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DAX and S&P 500 index futures trading slightly higher.
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The Reserve Bank of New Zealand left interest rates unchanged at 5.5%, in line with widespread expectations.
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The RBNZ communicated that it will keep the OCR rate "at a restrictive level for the foreseeable future to ensure that consumer price inflation returns to its target range of 1 to 3% per year, while promoting maximum sustainable employment." The NZD is gaining against other FX currencies.
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The most important reading of the day will be the CPI report from the US. Analysts are betting that the report will show a marked decline in inflationary dynamics. Key data in the context of a future FOMC decision.
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The Bank of Canada will decide on interest rates today. Goldman Sachs assumes that the Council will raise rates by 25 basis points in the face of a strong Canadian inflation reading, good readings from the labor market and the tentative tone marked in recent business forecasts.
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China Securities Journal predicts an increase in fiscal stimulus to support the economy.
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JPY and AUD are the strongest of the G10 currencies, while the US dollar is trading under the most downward pressure. The USDJPY pair has broken below the psychological barrier of 140.
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The cryptocurrency market is seeing mixed sentiment. Bitcoin is gaining 0.22%, Ethereum is adding 0.45%, and VECHAIN is trading 3.1% higher.
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Precious metals are continuing the increases initiated during yesterday's session. Gold is currently gaining 0.4% and testing the $1940 level, while silver is adding 0.6% and climbing above $23.2.
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Crude oil is gaining after yesterday's update of the EIA's US demand and price forecast models. On the other hand, private API data on weekly crude oil inventories pointed to a higher reading for US crude reserves. The EIA data will be released at 3:30 p.m BST.
FX market heatmap showing volatility on each currency pair at the moment. Source: xStation 5
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