Week Ahead – US Inflation Set to Dominate Markets Author – Connor Woods, Senior Market Analyst Date: October 10th – October 14th
A stronger than anticipated jobs report on Friday showed traders that the labour market remains robust despite the Federal Reserve’s aggressive monetary policy tightening? This week, attention turns to U.S inflation. Make sure you are reading our week ahead article each week to find out all the main talking points.
Mohicans markets：European Market
On Monday, October 10, during the Asian session, spot gold shock slightly down, and is currently trading near $ 1686 per ounce. Last Friday's better-than-market-expected U.S. non-farm payrolls report for September reinforced expectations that the Federal Reserve will raise interest rates sharply, and the dollar and U.S. bond yields surged and recorded three consecutive positive days, causing gold prices to weaken sharply.
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The COVID-19 pandemic has altered the lives of millions of people around the world. Staff layoffs, business closures and the realization that the world will no longer be the same have forced people to think about new sources of income. Thus, trading is becoming an increasingly popular activity. This trend can be observed worldwide on a global scale, including in Nigeria.
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Mohicans markets：MHM Today’s News
On Friday, October 7, because the non-farm payrolls data exceeded expectations, the dollar index rose for three consecutive days; It once rose above 112.90, which was a new high of more than a week and closed up 0.41% at 112.73. 10-year U.S. bond yields pulled up during the day, and quickly rose above 3.90% after the release of non-farm payrolls; 2-year U.S. bond yields quickly stood at 4.3%.
10/10 Market report
【Dow Jones】 【Euro】 【Gold】 【Crude Oil】
Week Ahead: US CPI likely to support the dollar
The release of US consumer price inflation on Thursday for September is likely to be the final piece in the Fed’s jumbo-sized jigsaw for its November meeting. Soft data would restart the “pivot” trade which means “risk on” so higher equities and a lower dollar. But sticky, still elevated figures will increase bets that rates will be held higher for longer next year – not a good mix for risk assets. Markets currently assign above an 80% chance of 75bp rate hike in early November. Only a 5% handle in the core annual rate would markedly upset these odds.
WIKIFX REPORT: Positive mood stalls on the “pivot” trade
FX: USD slid against most of its major peers. The DXY closed a tick above its lows of 110.05. Resistance is at 110.76 while next support is 109.29.
WIKIFX REPORT: Gold steadies as risk appetite continues to recover
*US dollar clings to gains as bets on near-term Fed hikes firm
Worst of market anxiety behind us, UK minister says -Times
Britain's government has withstood the worst of financial markets' "anxiety" following last week's fiscal statement and will soon see a marked improvement, senior minister Simon Clarke said in an interview published in The Times late on Friday.
Wheat soars on U.S. output cuts, Russian annexation of Ukraine land
Chicago wheat spiked on Friday, supported by a drastic cut to U.S. production estimates by the Agriculture Department, and Russia's annexation of parts of Ukraine followed by increased U.S. sanctions.
WIKIFX REPORT: Wall Street closes in on third straight quarterly loss
Wall Street wobbled to the end of the S&P 500's steepest September decline since the global financial crisis on Friday, closing the books on a tumultuous quarter fraught with historically hot inflation, rising interest rates and recession fears.
Vodafone merger: VOD stock jumps on talks with Three to form telecoms giant
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Upcoming Market Updates: USD, JPY, AUD, CHF, EUR, GBP, CHF, CAD
The Weekly Market Update is published every Friday, after market close. This is for informational purposes only and should not be interpreted as accurate. Let's look at some currency update below.