Good Morning Traders! This Friday we get German inflation data to tap off the week.
Here is what to expect.
Sentiment
Without excluding any possibilities, Japanese Finance Minister Shunichi Suzuki said he will take appropriate action to handle excessive moves in the foreign exchange market.
The offshore yuan dropped against the dollar to its lowest level ever as speculation was fueled by a reduction in the controlled currency's daily reference rate. China is okay with the currency depreciating gradually.
Japan's economy grew more slowly than initially anticipated as businesses reduced their investment in machinery and equipment and consumers reduced their spending, highlighting the fragility of the growth attained in the previous quarter.
John Williams, president of the Federal Reserve Bank of New York, stated that although US monetary policy is "in a good place," officials will need to go through data to determine how to continue with regard to interest rates.
Recent data, according to the governor of the Bank of Canada, demonstrates that higher interest rates are slowing the economy, and that if policy is tight enough, inflation may be brought under control.
After a nine-session rise that saw futures go into overbought territory due to increased output cuts from OPEC+ alliance leaders, oil prices fell.
According to the Financial Times, Goldman Sachs intends to fire underperformers as early as next month as part of its yearly personnel appraisal.
Docket
02:00 AM ET
German HICP Final YoY
Median Forecast 6.4% | Prior 6.4% | Range 6.4%/6.4%
German CPI Final YoY
Median Forecast 6.1% | Prior 6.1% | Range 6.1%/6.1%
Good Luck Today Traders!
