Good Morning Traders!
It is Wednesday the 15th of November, here is what to look out for today.
The dollar held steady Wednesday after posting its biggest daily drop in a year, as inflation data confirmed bets that US interest rates have peaked.
The pound fell as UK data indicated cooling price pressures, while the New Zealand dollar led the group-of-10 gains as global risk appetite increased.
Officials at the Federal Reserve welcomed the latest data showing declining US inflation, but cautioned that there is still a long way to go before it reaches the central bank's 2% target.
The carefully choreographed, much-anticipated meeting between US President Biden and Chinese counterpart Xi on the sidelines of the Asia-Pacific Economic Cooperation summit begins Wednesday at the Filoli estate south of San Francisco.
US House lawmakers overcame partisanship to pass a temporary government funding bill that significantly reduces the risk of a government shutdown while delaying fights over Ukraine aid, border policies, and deep cuts to federal programmes.
US PPI for October
YoY - Median Forecast: 1.9% | Prior: 2.2% | Range: 2.2% / 1.6%
MoM - Median Forecast: 0.1% | Prior: 0.5% | Range: 0.4% / -0.3%
Core YoY - Median Forecast: 2.7% | Prior: 2.7% | Range: 2.8% / 2.5%
Core MoM - Median Forecast: 0.3% | Prior: 0.3% | Range: 0.3% / 0.1%
US Retail Sales for October
MoM - Median Forecast: -0.3% | Prior: 0.7% | Range: 0.3% / -0.7%
Core MoM - Median Forecast: -0.1% | Prior: 0.6% | Range: 0.4% / -0.5%
Business Inventories MoM
Median Forecast: 0.4% | Prior: 0.4% | Range: 0.4% / 0.3%
Weekly EIA Inventories
Crude Oil - Median Forecast: 2M | Prior: 0.773M | Range: 13.5M / 1.7M
Fed's Barr testifies at a House Financial Services Committee hearing on oversight of financial regulators.
BoE's Haskel delivers a speech at the Resolution Foundation ‘Investing a Better Britain’.
Richmond Fed President Tom Barkin speaks about housing. Both Text and Q&A are expected.