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News Recap: Energy prices are surging, with Brent crude hitting a 10-month high after a 2% rise

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Energy prices are surging, with Brent crude hitting a 10-month high after a 2% rise Australia and China have led the New Year push higher, with 2021 starting in style across the commodity and non-fiat sphere. Losses in Japanese markets ensured a less-than-perfect start, despite a better-than-expected final manufacturing PMI reading of 50. Meanwhile, Chinese stocks gained ground despite the disappointing Caixin manufacturing PMI reading of 53.0 (down from 54.9).

With markets closed throughout the festive period, it has been the crypto space which has been the subject of traders’ attention. That incredible surge has seen Bitcoin come almost to the $35,000 mark just two weeks after we breached the $20,000 level. Nevertheless, with the dollar on the back foot, we are seeing strength for other non-fiat assets such as gold and silver. Meanwhile, energy prices are surging, with Brent crude hitting a 10-month high after a 2% rise thus far today.

Looking ahead, the European session will see a host of final PMI surveys being released, with the Canadian and US releases following it up later in the day. Also keep an eye out for the OPEC+ meeting, where the group will be discussing a potential 500,000 output hike.

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