German economic institutes said to cut 2021 GDP growth forecast from 3.7% to 2.4% 0 (0)

Reuters reports, citing sources familiar with the matter
That’s a sharp revision lower and amid the ongoing supply bottlenecks, it is not hard to see why. Adding to that is fears of rising inflation as well as the energy crisis in Europe, weighing on overall sentiment in general.

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US MBA mortgage applications w.e. 8 October +0.2% vs -6.9% prior 0 (0)

Latest data from the Mortgage Bankers Association for the week ending 8 October 2021
– -6.9%
A modest increase in mortgage activity despite higher rates once again, with the jump in purchases offsetting the decline in refinancing applications. That said, with higher rates and high prices, it will pose a challenge to demand conditions in the

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China says that coal supply is guaranteed through this winter and next spring 0 (0)

Remarks by China’s state planner
Adding that local governments will be strictly prohibited from shutting down coal mines without authorisation. Meanwhile, an energy administration official is out at the same time stating that China’s daily coal output has reached its highest level since February.

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Forexlive European FX News 12 Oct: JPY weakness reigns 0 (0)

More JPY weakness despite risk off start to session
Other markets
The wall of worry spoken about in yesterday’s wrap returned overnight. The sheer list of concerns is telling in itself: Evergrande default anxiety, supply chain complexities and delays, inflation fears with even Japan bucking its deflationary trend, and energy prices precariously high all have traders angsty. 

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AUD traders: Keep an eye on Iron Ore & coal prices 0 (0)

Iron Ore
Iron Ore prices  (light orange)have moved sharply higher helping lift the AUD today as well as positive COVID news. 
If Iron Ore prices keep rising higher then expect that to further support the AUD. Around 20% of all Australia’s exports are Iron Ore. Coal is the next highest export and those prices are already well

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