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Eyes on Eurozone and USA inflation data
Weekly jobless claims and PCE in focus today
Inflation figures from Germany, France, and Spain
USD/JPY dips following remarks from Takata, hinting to a strong wage hikes
Stock Market
In the wake of yesterday's data influx, Wall Street faced a downturn, with the Nasdaq experiencing the most significant correction, closely trailed by the S&P. In contrast, the Dow Jones managed to maintain a near-flat close. This dip in performance mirrors the mixed economic data of the week, marked by weaker durable goods orders and wavering confidence indicators. However, amidst this turbulence, the US regional manufacturing surveys hinted at a potential resurgence in manufacturing, contrasting with the decelerating service sector. This divergence may have supported the Dow Jones's relative resilience.
In the Asia-Pacific region, optimism prevails in the Australian and Chinese stock markets, while Japanese indices witnessed some pressure.
Today's data
Market participants are eagerly anticipating the release of the Personal Consumption Expenditures (PCE) report from the USA, promising invaluable insights into consumer spending trends. Additionally, there's anticipation surrounding the weekly jobless claims, expected to edge up slightly to 210k from the previous 201k. The Federal Reserve is poised to offer invaluable guidance, with speakers set to provide their interpretations of the latest data.
Meanwhile, attention shifts internationally to inflation figures from Germany, France, and Spain, shedding light on the European economic landscape.
Currencies
Among major currencies, the Japanese yen (JPY) stands out as top performer, while the euro (EUR) and US dollar (USD) lag behind.
the decline in the dollar is partly attributed to the dip in USD/JPY following remarks from Takata, hinting to a strong wage hikes this year.
Commodities
Precious metals kickstart the day's proceedings on a positive note, with gold, silver and platinum notching modest gains.
The Department of Energy (DOE) report revealed yesterday a notable uptick of 4.2 million barrels in US oil inventories, which exerted downward pressure on oil prices, yet a subtle correction can be seen on oil prices today.
