SHANGHAI, Nov. 15 (SMM) – The US dollar surged overnight, but did not drag down base metals. Base metals are expected to diverge today.
Eurozone Q3 growth was 1.6%, flat at market expectations and Q2’s. Growth in eurozone annualized October core CPI was in line with market expectations and September’s. When combined with October Economic Sentiment Index hitting the highest in ten months, eurozone Q3 economy is expected to stabilize. So annualized Q3 growth due for release today will hold stable.
US wholesales in September fell far short of market expectations and August’s, triggering market speculations that US retail sales may fall in October. But factory orders increased thanks to domestic demand and exports. When combined with rapid growth in US salary in October, US retail sales may improve.
Market expectations of a Fed rate hike later this year grew. Richmond Fed’s and Richmond Fed’s Chairman both think a Fed rate hike is nearing.