Market Overview: October 17, 2024
Today’s market spotlight is on the ECB’s interest rate decision, which could set the tone for European economic policy. Following this, all eyes will be on U.S. retail sales data, offering insights into consumer spending trends and the strength of the economy.
Key Data to Watch:
- Japanese CPI: Late today, Japan will release its national Consumer Price Index figures, highlighting inflation trends in the region.
- ECB Monetary Policy: A range of updates, including the refinancing operations rate, deposit facility rate, and a press conference from the European Central Bank (ECB), are scheduled. Investors will be watching closely for any signals regarding future rate adjustments.
- U.S. Jobless Claims: Initial jobless claims data for October 11 is expected today, providing insights into the state of the U.S. labor market.
- U.S. Retail Sales & Manufacturing: Key data on retail sales, including core metrics, will be released alongside the Philadelphia Fed Manufacturing Survey. These will indicate consumer spending trends and manufacturing health.
Energy Markets
- Crude Oil is marginally up at $70.52 per barrel, showing a 0.18% increase for the day, though still down by over 7% weekly.
- Brent Oil follows a similar trend, trading at $74.35 per barrel, up 0.18% today but facing weekly pressure.
- Natural Gas shows a slight uptick, rising 0.12% to $2.37 per MMBtu, while Heating Oil slipped by 0.41%, continuing its downward trend.
Currency Movements
- EUR/USD is slightly down, trading at 1.08526, reflecting continued caution ahead of the ECB updates. The pair remains under pressure, with a 0.74% decline over the week.
- GBP/USD also dipped slightly to 1.29831, showing a 0.06% decrease today as traders await further data from the UK and U.S.
- AUD/USD is up by 0.29%, trading at 0.66839, benefiting from positive sentiment in the commodity sector.
- USD/JPY remains mostly steady, slightly up by 0.02% at 149.59, continuing its recent upward trend as the dollar gains strength.
- USD/CHF increased by 0.16%, reaching 0.86677, reflecting a broader movement in favor of the dollar.
Commodities Overview
- Gold is showing a positive trend, up 0.33% to $2,682.75 per ounce, as it benefits from continued market uncertainty.
- Silver has dipped slightly by 1.09%, now at $31.40 per ounce, reflecting mixed signals in the metals market.
- Copper sees a decrease of 0.90%, trading at $4.29 per pound, indicating concerns about industrial demand.
Gold price by GoldBroker.com
Things to Keep an Eye on
- The ECB press conference could offer key insights into the central bank’s approach to inflation and economic growth.
- U.S. retail sales data will provide a clearer picture of consumer activity and spending power.
- Japanese CPI figures late in the day could have implications for the yen and broader regional markets.
Need to Check Live Exchange Rates? Use our currency converter to get real-time rates on over 100 currencies.