Stocks advance ahead of US inflation data

Dmitry Lukashov IFC Markets

Top daily news

Global equities are rising currently ahead of the US consumer price index report for May after Wall Street dipped on Wednesday. Tesla shares slid 0.8% amid news Tesla's best-selling Model 3 sedan lost two designations from Consumer Reports after the company made changes to the car's automatic braking and front collision warning systems, Apple shares added 0.31% Wednesday outperforming the market.

Forex news

Currency Pair	Change
EUR USD	-0.16%
GBP USD	-0.82%
USD JPY	-0.11%
AUD USD	+0.13%

The dollar strengthening is intact currently ahead of the US Labor Department report at 14:30 CET expected to show 370 thousand Americans sought unemployment benefits over the last week, down from 385 thousand the previous week. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, added 0.01% Wednesday as Census Bureau reported US wholesale inventories rose at steady 0.8% over month rate in April.

EUR/USD reversed its sliding while GBP/USD’s continued its retreating on Wednesday as federal statistics office Destatis reported German trade surplus rose again in April. USD/JPY continued its climb Wednesday while AUD/USD continued sliding with both yen and Australian dollar higher against the Greenback currently.

Stock market news

Indices	Change
Dow Jones Index	+0.03%
Nikkei Index	+0.45%
Hang Seng Index	+0.34%
Australian Stock Index	+0.29%

The US stock futures are up currently with the 10-year US Treasuries yield at 1.479% after falling below 1.5% Wednesday ahead of the Bureau of Labor Statistics US consumer inflation report today at 14:30 CET. The three main US stock indexes booked losses ranging from 0.1% to 0.4% Wednesday.

European stock indexes are mixed currently after ending in opposite directions Wednesday with health care shares leading gainers. European Central Bank will release its policy statement at 13:45 CET today, it is widely expected the bank will not change its current ultra-easy policy. Asian stock indexes are mostly rising today with Shanghai Composite leading gains amid reports Beijing and Washington officials spoke by telephone and agreed to promote healthy trade and cooperate over differences.

Commodity market news

Commodities	Change
Brent Crude Oil	-0.17%
WTI Crude	-0.22%

Brent is edging lower currently. Prices ended mixed Wednesday after Energy Information Administration reported US crude inventories fell by 5.2 million barrels last week. The EIA, however, also reported that gasoline supply climbed by 7 million barrels. The US oil benchmark West Texas Intermediate (WTI) futures slipped 0.1% and is lower currently. August Brent crude ended unchanged at $72.22 a barrel on Wednesday.

Gold market news

Metals	Change
Gold	-0.5%

Gold prices are edging lower today. August gold inched up 0.1% to $1895.50 an ounce on Wednesday as investors await US inflation data.

Want to get more free analytics? Open Demo Account now to get daily news and analytical materials.

Author

Dmitry Lukashov

IFC Markets

Dimtry Lukashov is the senior analyst of IFC Markets. He started his professional career in the financial market as a trader interested in stocks and obligations.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.