In the absence of much else going on, markets had their eyes glued to US PPI figures released on Tuesday. The month-on-month increase came in at just 0.1% compared to expectations of 0.2%. The data publication is a precursor to the CPI figures set to be released later today, which will further steer expectations concerning future interest rate cuts. US indices took the news well, continuing to make up lost ground after the heavy sell-off last week. The rallies were once again spearheaded by the major technology companies, just like in the old days. Indeed, the Nasdaq Composite gained a solid 2.4% yesterday, the S&P 500 closed the day 1.7% higher and the Dow Jones managed a respectable 1%.
Lower inflation figures bolster the argument for an interest rate cut in the not too distant future, which predictably weighed on the Dollar. The DXY lost half a percent yesterday but for once, the Japanese Yen was out of the spotlight. The Pound climbed 0.8% against the Dollar during Tuesday’s session and further strong movements are not off the table. UK and US data publications make up the bulk of this week’s economic calendar, starting today with the release of both UK and US inflation reports.
Despite mounting a challenge to its previous all-time high on Monday, gold languished aimlessly the following day and appears equally lacklustre this morning. The CPI figures later today may provide some incentive to jolt the precious metal into action.
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