Market Drivers – European Session 02-11-2021

Markets are quiet and investors are waiting for the Fed meeting. Markets are widely expecting Jerome Powell to announce a clear schedule to start tapering.

Brent crude futures for January 2022 delivery scored about $84.33 a barrel, down 0.33%, and US crude was about $83.43 a barrel, down 0.74%.

During the day, China’s data and movements were the main drivers, as China’s demands for families to store their food and basic needs sufficiently before the winter, worried people about the possibility of another closure during the winter, especially with the outbreak of the Coronavirus and the increase in cases and deaths.

This led to a decline in coal prices in Europe for delivery next year by more than 50 percent from its peak at the beginning of October, which reached 193 dollars, to record about 100 dollars now.

The dollar index settled at 93.918, down 0.25% from its level on Monday, when it retreated from its highest level in two and a half weeks, which reached 94.313.