Market Comment: November 13, 2024
Today, markets remain focused on inflation data from the U.S., expected to shift the Dollar. Meanwhile, global commodity prices show slight stabilisation, although energy and metals are still impacted by broader trends. In Europe, the ECB is holding a non-monetary policy meeting, which may reveal insights into the Eurozone’s monetary outlook.
Key Data Out Today
- 00:30 AM – Australia: Labour Price Index – Wage Price Index (YoY): 3.5%, Forecast: 3.6%, Previous: 4.1%
- 07:00 AM – Eurozone: ECB Non-monetary Policy Meeting (In Progress)
- 1:30 PM – U.S.: Consumer Price Index – Core CPI MoM (Seasonally Adjusted), Forecast: 0.3%, Previous: 0.3%
Energy & Precious Metals
- Brent Oil: Brent is trading at $71.94 per barrel, with marginal daily growth.
- Natural Gas: Natural gas is down 0.65% to $2.89 per MMBtu. Despite a weekly rise, seasonal trends could drive further fluctuations in pricing.
- Gold: Gold is trading at $2604.89 per ounce, up by 0.23% amid continuing economic uncertainties, which often boost demand for safe-haven assets.
- Silver: Silver has edged up by 0.46%, trading at $30.83 per ounce.
Currency Movements
- EUR/USD: Slightly down by 0.11%, trading around 1.0604, reflecting continued strength in the USD.
- GBP/USD: Holding steady at 1.273, as markets await further economic indicators from the UK.
- AUD/USD: The Aussie dollar has softened, down by 0.13% at 0.6520, influenced by weaker wage growth data.
- NZD/USD: Near flat at 0.5923, as the New Zealand dollar remains range-bound amid global uncertainties.
- USD/JPY: Up by 0.23%, with USD buying interest pushing it to 155.01 as yen weakness continues.
- USD/CNY: Marginally lower at 7.234, with little movement following recent economic data from China.
- USD/CHF: Trading higher at 0.8835, continuing an upward trend supported by USD resilience.
- USD/CAD: Near unchanged at 1.3960, as oil price movements provide limited support to the CAD.
- USD/MXN: Holding strong at 20.60, marking a 2.15% weekly gain, reflecting broader USD strength.
- USD/INR: Stable around 84.40, showing minimal change as markets balance regional inflation concerns.
Things to Keep a Watch On:
- U.S. CPI Data: Major CPI releases later today could set the tone for USD and influence inflation expectations.
- ECB Non-monetary Policy Meeting: Ongoing ECB discussions may yield insights into future Eurozone monetary policy.
- Upcoming Fed Speeches: Remarks from key Fed officials later this week could offer guidance on the U.S. rate path.
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