Live Coverage: US inflation, GDP and jobs figures set to shake markets ahead of Thanksgiving

Yohay Elam FXStreet

Will the Fed cut rates in December? Core PCE, its preferred inflation gauge is coming out, and markets fear it will be too hot. Updated GDP, Durable Goods Orders and Unemployment Claims join the mix ahead of Thanksgiving. Live coverage.

Join FXStreet Premium to ask our analysts questions live, read exclusive, actionable analysis, and get Gold and signal alerts.

Big bulk of data

The Federal Reserve (Fed) considers core Personal Consumption Expenditure (core PCE) as the best gauge of underlying price pressures –drawing investors' attention despite its late release. In the upcoming release for October, the fate of the December rate cut lies in the balance. There are doubts that policymakers will proceed with a third consecutive reduction to borrowing costs.

Thursday's Thanksgiving holiday means several release have been brought forward – weekly jobless claims, Durable Goods Orders and an update on Gross Domestic Product (GDP) for the third quarter. That adds to promise of an explosive reaction.

The US Dollar needs strong data to rise, while Gold bulls prefer softer future. Stock bulls need lower inflation but above-expectations data elsewhere.

Live financial market coverage

FXStreet covers major economic releases in a live blog format, to provide readers an instant verdict of the data, rapid analysis of key assets, and, for Premium members, the ability to ask our experts questions in real time.

FXStreet Premium

FXStreet Premium provides subscribers access to analysts, exclusive actionable analysis, signals, Ed Ponsi's webinars, trade plans, and a bullish/bearish indicator for Gold on critical events. Join FXStreet Premium here.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

AUD/USD consolidates above 0.7200 after hot Chinese CPI data

AUD/USD is extending its consolidative price action above 0.7200 during the Asian session on Wednesday, uninspired by hot Chinese CPI and PPI data. Meanwhile, rising RBA rate-hike bets act as a tailwind for the Aussie amid Yen-inspired US Dollar weakness. Traders await the release of US inflation figures later in the week for fresh impetus.

USD/JPY stays weak near 153.50 amid aggressive BoJ hike bets

USD/JPY attracts fresh sellers in the Asian session on Wednesday as the strong Reuters Tankan business survey adds to the case for continued BoJ policy normalisation and boosts the Japanese Yen. This, along with a broadly weaker US Dollar, keeps the pair close to a nearly seven-month low set on Tuesday.

Gold rebounds from $4,350; will it last?

Gold is rebounding from a one-week low near $4,350 in the Asian session on Wednesday. The US Dollar, however, struggles to lure buyers amid a rallying Yen, supporting the commodity as traders await the key US inflation data for a fresh impetus. However, the rebound could be short-lived amid expectations of a Fed rate hike this month.

Bitcoin takes a breather, Ethereum and XRP maintain bullish footing

Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) are trading with a broadly constructive tone on Wednesday despite BTC's mild pullback over the past two days. The Crypto King holds above $78,000; ETH and XRP remain strong above key Exponential Moving Averages (EMAs), keeping their upside prospects intact.

Gold and stocks: What eight midterm elections did

I went back through every midterm election since 1994 and asked one question of each: when did the stock market make its low for the year, before the vote or after it? In seven of the eight cycles, the low came before the election. In six of the eight, it came between mid-June and mid-October, which is to say in the exact window that the "they won't let it fall" argument says is protected.

Diesel’s record $100 warning: The oil shock hiding in plain sight

The Oil market may look calmer than it did a few months ago, but diesel is sending a very different message. The US diesel crack spread, the premium of ultra-low sulphur diesel futures over WTI, recently surged above $100 per barrel for the first time, reaching an intraday record of just over $102.00.