Market Drivers – European Session 13-10-2021

During the European session today, the Chinese yuan rose to 6.44 against the US dollar, approaching a two-week high of 6.43 touched earlier in October.

Investors cheered strong Chinese trade data showing that exports and imports continued to rise at robust rates in September, both of which set records.

On the other hand, the yield on the US 10-year bond futures declined by 1.2 points to reach 1.568%.

The US Bureau of Labor Statistics reported Wednesday that US inflation, as measured by the Consumer Price Index (CPI), rose to 5.4% year-over-year in September from 5.3% in August.

The Organization of the Petroleum Exporting Countries (OPEC) announced in its monthly report published today, Wednesday, that it has reduced the forecast for oil demand growth in 2021 to 5.82 million barrels per day from 5.96 million barrels per day, according to Reuters.

OPEC also kept oil demand growth in 2022 unchanged at 4.15 million barrels per day.

Russian President Vladimir Putin reiterated on Wednesday that Russia is not using energy as a weapon and said that Russi supplied gas to Europe even during the Cold War, as reported by Reuters.

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