US: Wholesale inventories and JOLTS data in focus - Nomura

Sandeep Kanihama FXStreet Contributor

Analysts at Nomura suggest that wholesale inventories and JOLTS data will be in focus for today’s US session.

Key Quotes

“Wholesale inventories: In the preliminary estimate, wholesale inventories were up 0.9% m-o-m in November following an upwardly revised 0.1% decline (previously reported as -0.4%) in October. The increase in inventories was seen in both durable and nondurable goods categories, suggesting inventory investment picked up in the month. In the final estimate for November, consensus expects this reading to be unrevised at 0.9% m-o-m.”

“JOLTS: Job openings fell slightly to 5534k in October from 5631k in September, with the job openings rate unchanged at 3.7%. The Conference Board’s Help-Wanted Online ads were relatively steady as well, increasing by 74k in December. The steady reading suggests that the labor market remains tight, in line with the FOMC’s view that “labor market conditions had improved appreciably over the past year and that labor market slack had declined,” as seen in the minutes for the December meeting.”

Author

Sandeep Kanihama

FXStreet Contributor

Sandeep Kanihama is an FX Editor and Analyst with FXstreet having principally focus area on Asia and European markets with commodity, currency and equities coverage. He is stationed in the Indian capital city of Delhi.

GBP/USD hits multi-week tops around 1.3560

GBP/USD gathers fresh steam and advances to new three-month peaks near the 1.3560 zone on Friday. Cable’s sharp move higher comes after three daily drops in a row and follows the increasing selling pressure hurting the Greenback.

EUR/USD pops to fresh two-month highs, targets 1.1600

EUR/USD advances markedly, revisiting the upper 1.1500s for the first time since mid-June. The pair’s sharp uptick comes on the back of a strong retracement in the US Dollar amid BoJ intervention chatter and despite steady uncertainty in the Middle East.

Gold picks up pace, approaches $4,400

Gold rebounds toward the $4,400 mark per troy ounce on Friday, reversing the previous day’s pullback. The precious metal’s recovery comes as fresh and intense weakness keep weighing on the US Dollar, while traders keep assessing easing expectations of an imminent Fed interest rate hike and the situation from the Middle East.

Pi Network Price Forecast: PI extends consolidation as bulls eye $0.10

Pi Network (PI) price holds steady on Friday, maintaining a consolidating tone for three consecutive days. Mild retail strength in the PI token remains stable, with Open Interest above $9 million, while social buzz eases. PI token’s technical outlook is mixed, as bearish momentum wanes to neutral, with bulls eyeing the $0.1000 psychological level.

Weekly focus: Some relief in US inflation concerns

Actual inflation data for July came out as expected with a 0.1% m/m increase in headline CPI and 0.2% excluding food and energy. Annual headline inflation remains too high at 3.4% and means that wage earners are experiencing stagnating spending power at best, and core inflation is a bit higher than the inflation target of two percent would suggest.

Why is Crude Oil priced for a reopening the ships haven't made?

Fourteen vessels crossed the Strait of Hormuz on Tuesday. Before the war, the count ran near 120 a day. In the sessions since the waterway was publicly declared open, Brent has drifted back to $87 and West Texas Intermediate (WTI) to $81, both a little lower again on Wednesday, with daily momentum on each unwound from the top of its range in late July to the low twenties now.