During the Asian session, the New Zealand Food Price Index is due to be released; in Japan, the Producer Price Index and Machinery Orders. Additionall
y, the Melbourne Institute will release its inflation expectations survey. Later in the day, market attention will be on the UK monthly GDP data, the ECB minutes, and the US Consumer Price Index. Here is what you need to know on Thursday, October 12: The US Dollar finished flat despite higher-than-expected US wholesale inflation and the release of the
minutes. The Greenback remains weak as US yields continue to pull back. The stock market in Wall Street saw another rise, driven by a risk-on sentiment late in the session, which did not help the US Dollar. The US Producer Price Index accelerated unexpectedly in September, rising from 2.0% to 2.2% compared to the expected 1.6%. However, this did not trigger major concerns. The crucial moment will be on Thursday with the release of the Consumer Price Index .
minutes showed a divergence of perspectives, reinforcing the data-dependent approach and indicating that a significant rebound in inflation would be necessary to reach a consensus for more rate hikes. minutes: Several participants commented that, with the policy rate likely at or near its peak, the focus of monetary policy decisions and communications should shift from how high to raise the policy rate to how long to hold the policy rate at restrictive levels. Following the
minutes, the DXY pulled back and finished flat at 105.75, rebounding from near the strong support at 105.50. The 10-year US Treasury yield dropped to 4.55%. UR/USD held onto recent gains and remained near the strong resistance area at 1.0630. The pair maintains a bullish tone, but after continuous rising for over a week, a consolidation phase is looming. However, the US CPI number could bring volatility and decisive breaks.
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Inflation rises to 2.2% in September in producer price indexZachary Halaschak is an economics reporter at the Washington Examiner. Before moving to Washington, he worked in Alaska, covering politics, government, and crime for the Ketchikan Daily News. While there, Zach won the Alaska Press Club’s second-place award for best reporting on crime or courts for his coverage of a local surgeon’s alleged murder. He graduated from the University of Richmond in 2017 and is originally from Marco Island, Florida.
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