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No significant news yesterday. US equity markets did find the resources to go a little higher on speculation that Joe Biden may decide to appoint Lail Brainard to replace Jerome Powell as Fed chair. This would probably ensure an even more accommodative bias in monetary policy, but it is unlikely that he would risk destabilising the Fed at this time.
The release of US producer prices today and consumer prices tomorrow will focus the markets’ attention back on their main concern: inflation. The NFIB survey will also be of interest on the pricing and wage setting behaviour of US small companies.
In Europe, the ZEW survey will be published in Germany. September’s foreign trade figures confirmed this morning the trend of shrinking exports and foreign surplus, mainly due to supply problems limiting production in the automotive sector.
The euro strengthened slightly to around USD 1.16, but the trend remains stable.
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