SHANGHAI, Aug. 18 (SMM) – Base metals are expected to receive a boost from a weakening US dollar index today.
The number of US initial jobless claims released early last week remained below 300,000 for the 76th straight week. But the Philadelphia Fed's manufacturing index in August continued to weaken, while employment sub-indice improved some.
Eurozone final annualized July CPI may be 0.1%, flat at June’s, falling short of the flash 0.2%. But eurozone flash annualized July CPI hit the best since early this y ear, boding well for inflation in the eurozone and bolstering the euro. European Central Bank president also said eurozone inflation should rise later this year and climb further in 2017 and 2018.
FOMC’s July meeting minutes showed dovish tone, pointing out recovery in US housing market slowed. This means the likelihood of a Fed rate hike in September decreased.
The US dollar index rose slightly but then slumped due to the release of the meeting minutes, growing volatility in crude oil and precious metals.