US stock markets closed last week (10/09) with significant declines in all three major indexes. Investors tend to anticipate the release of US CPI data this week which is expected to still show a high rate of inflation. Market movements are also weighed down by comments from Cleveland Federal Reserve officials who wanted tapering to start later this year.
During the past week, JCI was recorded to have weakened by 0.52%, although it was able to rebound towards the end of the week. Market participants will again await the decision to extend the PPKM, as well as US inflation data that has the potential to influence the direction of the Federal Reserve’s policy. Technically, the JCI has the potential to strengthen at the beginning of the week with an estimated range of movement at 6,080 – 6,150.
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