Ipek Ozkardeskaya
Swissquote Bank Ltd
The S&P500 hit its 44th record this year on Wednesday and the US dollar index pushed into the medium-term bullish consolidation zone. The Chinese CSI 300 rebounded on details about liquidity tools designed to facilitate institutional share purchases and on hope that the Saturday briefing from the government would give investors what they want: SOLID FISCAL STIMULUS.
Market sentiment isn’t bad; copper, iron ore and US crude are better bid today.
Today will bring the latest CPI update to investors’ attention. The Federal Reserve (Fed) members may have shifted their focus from inflation to jobs. But stickiness in US core inflation could get the market question the Fed’s relaxed stance regarding its dovish ambitions!
This report has been prepared by Swissquote Bank Ltd and is solely been published for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any currency or any other financial instrument. Views expressed in this report may be subject to change without prior notice and may differ or be contrary to opinions expressed by Swissquote Bank Ltd personnel at any given time. Swissquote Bank Ltd is under no obligation to update or keep current the information herein, the report should not be regarded by recipients as a substitute for the exercise of their own judgment.
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EUR/USD stays weak below 1.0950 ahead of US CPI
EUR/USD maintains its offered tone below 1.0950 in the European session on Thursday. Markets turn cautious and refrain from placing any fresh bets on the pair ahead of the ECB Accounts and the all-important US CPI report.
GBP/USD trades with caution below 1.3100, awaits US CPI
GBP/USD treads water below 1.3100 in the European trading hours on Thursday. The pair is unable to benefit from a pause in the US Dollar uptrend amid a tepid risk tone ahead of the key US CPI inflation data release.
Gold price bulls seem non committed as focus remains glued to US CPI report
Gold price attracts some buyers on Thursday and for now, seems to have snapped a six-day losing streak to a nearly three-week low, around the $2,605-2,604 area tested the previous day.
US CPI inflation set to soften further in September
Inflation in the US, as measured by the CPI, is expected to increase at an annual rate of 2.3% in September, down from the 2.5% rise reported in August. The core CPI inflation, which excludes volatile food and energy prices, is forecast to stay unchanged at 3.2% in the same period.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
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