OANDA Senior Market Analyst Kelvin Wong joins Jonny Hart to discuss this week’s key economic data releases that centered on inflation with the Fed-preferred PCE gauge for October out on this Thursday, 30 November together with Eurozone flash CPI for November. On Wednesday, 29 November, Australia will release its monthly CPI indicator for October, where market participants are likely to keep a close watch as new RBA Governor Bullock has a more hawkish vibe than her predecessor, her recent speech highlighted AU’s inflation has been driven by domestic factors, not imported goods, a challenging task for RBA to bring it down & may require higher interest rates.
All in all, the consensus estimates have anticipated a softer inflation print in the US, Eurozone, and AU which in turn may lead to another potential bout of renewed weakness in the US dollar, Lastly, oil prices are expected to be choppy ahead of this Thursday, 30 November postponed OPEC+ meeting due to disagreement among the cartel members on the extension of supply cuts for 2024.
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