The Global markets are seemingly waiting in anticipation for the US CPI figures to be released, as there seems to be a consensus that the inflation rate that is set for release would be higher than expected. Monetary Policy Statements are also due for a release out of Europe before CPI announcement.
US indices are lacking volatility but edged toward the downside as the Nasdaq and Dow steadily retraced pending the release of the inflationary data. The Dax also gave away some of last weeks gains as it waits in anticipation for the Monetary Policy Statements set to be released this afternoon.
The precious metals edged lower yesterday as it gears up for the inflationary data, to which they should benefit the most if CPI does come out higher than expected. Brent remained to range around the $72 level.
Focus for the rest of the day will very well shift to the Euro and the US Dollar as the impending data is set to be released.
1:45pm - Monetary Policy Statement (EUR)
- Main Refinancing Rate (EUR)
2:30pm - ECB Press Conference (EUR)
- CPI m/m (USD)
- Core CPI m/m (USD)
- Unemployment Claims (USD)
7:01pm - 30-y Bond Auction (USD)