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US Open Preview – Euro pressured by political uncertainties; Canadian inflation in focus
February 23, 2018 12:26 pmVideo
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Here are the latest developments in global markets:
Day ahead: Canada releases inflation figures
At 1330 GMT, Canada will hand out data on consumer prices for the month of January, with analysts projecting the headline CPI to slip to 1.4% y/y after previously rising by 1.9%, holding within the Bank of Canada’s target range of 1.0% – 3.0%. On the monthly basis, however, the gauge is expected to bounce by 0.4% following a decline by the same proportion in the preceding month. Measures of core inflation (that exclude volatility) preferred by the Bank of Canada, involving the trimmed-CPI, the median-CPI, and the common-CPI will be also in focus.
In oil markets, investors will be waiting for the Baker Hughes oil rig counts to give further clues on future US oil production at 1800 GMT. Note that, the number of active drilling rigs was rising the past four weeks, pressuring oil prices.
In terms of public speeches, the Bank of England’s Deputy Governor, David Ramsden, will take part in a panel discussion on productivity and economic rebalancing at 1200 GMT. In the US, the New York Fed President, William Dudley (1515 GMT), the Boston Fed Governor, Eric Rosengren (1515 GMT), and the Cleveland Fed President, Loretta Mester (1830 GMT), will discuss on monetary policy before the 2018 US Monetary Policy Forum. The ECB board member, Benoit Coeure, will also join the event, giving a speech at 1830 GMT. Meanwhile, the president of the European Commission, Jean Claude Junker and the president of the European Council, Donald Tusk will be holding a news conference at 1700 GMT after the European Union heads of state and governments meet for an informal summit in Brussels.
In other areas of interest, Brexit news would attract attention the following days after the media reported that the UK Prime Minister, Theresa May backed those ministers who wanted the UK to take back control of its own regulations during yesterday’s eight-hour meeting with the Cabinet. Next week, May will meet EU leaders, probably giving a clearer picture of the UK’s stance over the country’s partnership with the block.
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