Oil prices ticked lower in early trading on Chinese demand concerns
Shares gained and the dollar firmed on Wednesday, after cautious but encouraging remarks on inflation by Federal Reserve Chair Jerome Powell the day before raised expectations for imminent U.S. rate cuts.
“Them kind of saying the CPI is going to drop back into target in the second half of this year... that CPI expectations could normalize more rapidly, I think that contributed,” said Alvin Tan, head of Asia FX strategy at RBC Capital Markets.Swaps now imply more than 30 basis points worth of easing in October, as compared to 16 bps before the outcome.
The closely watched monthly U.S. inflation report is due on Thursday, where core consumer prices are expected to hold steady in June.Still, the rise in U.S. rate-cut expectations has done little to sway the dollar, which remained broadly on the front foot on Wednesday.Against the yen, the dollar rose 0.08 per cent to 161.45, as the Japanese currency remained under pressure from the stark interest rate differentials between the U.S. and Japan.
Marketupdate Tsx Stocks Equities S&P Dow Jones Oil Banks Wall Street
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Premarket: World shares mixed as investors await Fed chair Jerome Powell’s testimonyInvestors are betting that soft labour market data has boosted the chance of a rate cut in September to about 80%
Read more »
Premarket: Stocks advance ahead of Fed rate decision and U.S. inflation dataGreenback held firm ahead of a key U.S. inflation report and Federal Reserve policy decision that could determine the near-term outlook for interest rates
Read more »
Premarket: Stocks test footing ahead of U.S. inflation data, Fed meetingEuropean assets looked to stabilize a day after the announcement of a snap election in France had driven them lower
Read more »
Premarket: Global shares mostly advance ahead of U.S. inflation reportFed’s preferred measure of inflation is highly anticipated
Read more »
Premarket: World shares push higher with central bankers in spotlightSeveral U.S. Federal Reserve officials speak later in the day; Australia keeps its rates at 12-year high
Read more »
Premarket: Global shares stable as political turmoil saps market moodInvestors look for direction from a string of central bank meetings in Europe this week as well as fresh U.S. economic data
Read more »