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Financial Market Digests US & UK Inflation

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On Tuesday, U.S. consumer prices increased in September as the cost of rents and gasoline rose, suggesting a steady build-up of inflation pressures that could keep the Federal Reserve on track to hike interest rates by the end of the year. Consumer Price Index rose as much as 0.3% in September after increasing 0.2% in August. The CPI accelerated 1.5%, the biggest year-on-year increase since October 2014, the Labor Department said yesterday.

The U.S. dollar index settled at 97.85.

The Pound Sterling surged yesterday as UK Inflation hit 1% in September, up from 0.6% in August, the highest level in two years. Cable touched $1.23 vs. USD. Technically, it could trade in a limited range due to fears over a “hard Brexit”.

Euro failed to settle above $1.10 vs. USD and could trade in a limited range in anticipation of ECB’s meeting, which will be held this Thursday.

Also on Tuesday, Gold prices rose as market concerns over the U.S. election results and a interest rate hike have receded somewhat. Despite rising prices, the yellow metal failed to break a 200-day moving average at $1,265.

Oil prices declined yesterday, negatively affected by a strong USD. However, U.S. crude settled above $50 at yesterday’s trading session. Technically, U.S. crude continues trading above $50 during the week.

The most important economic events:

  • CAD Bank of Canada Rate Decision (OCT 19): (GMT 16:00) Important – Forecast (0.50%) – Previous (0.50%).
  • CAD Bank of Canada Releases Monetary Policy Report: (GMT 16:00) Important
  • USD DOE U.S. Crude Oil Inventories (OCT 14): (GMT 16:30) Medium – Forecast (2100k) – Previous (4850k).

Disclaimer
The prices and news mentioned in this outlook are absolutely no guarantee of future market performance and do not represent the view of ICM Capital Limited. Financial markets can move in either direction causing profits to be made or complete losses to be incurred by the trader. Each trader must decide for themselves what their risk appetite is and ensure that correct risk management procedures are in place before placing any trades.

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