It is finally Fed day.Stocks came under pressure yesterday after US PPI spooked risk sentiment, with the annual figure nearing 10%. The mood is cal
It is finally Fed day.
Stocks came under pressure yesterday after US PPI spooked risk sentiment, with the annual figure nearing 10%. The mood is calmer today and the dollar kept more resilient as such. The greenback is keeping steadier so far today and that is likely to stay the course until we get to the FOMC meeting later.
There isn’t much notable movement for now, but oil is one to watch as prices are down 1%. WTI crude is slipping back below $70 as buyers fail to really build on anything from the bounce in the past two weeks.
Looking ahead, expect the market mood to keep quieter and on edge as we await the Fed.
0700 GMT – UK November CPI figures
Prior release can be found here. UK inflation is expected to jump higher again last month and that will just put more pressure on the BOE to act this week. That said, omicron fears may still help to stall a rate hike for now. But on the inflation front, expect surging cost pressures to stay through to year-end.
0745 GMT – France November final CPI figures
French inflation may not be as high as its regional peers but the annual reading above 3% is to reaffirm soaring price pressures in Europe. The final readings today should confirm that.
0800 GMT – Spain November final CPI figures
Spanish inflation rose to the highest since 1992 based on the preliminary estimates. The final readings today should largely just reaffirm soaring price pressures.
1200 GMT – US MBA mortgage applications w.e. 10 December
Weekly US housing data, measures the change in number of applications for mortgages backed by the MBA during the week.
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
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