SHANGHAI, Nov. 17 (SMM) – Base metals fell last night and will consolidate at lows today.
October CPI and annualized core CPI from Germany and US, US October housing starts and construction permits as well as Philadelphia fed's manufacturing index will be released today.
US September core CPI remained above 2% for 11 months in a row. If the figure in October remains strong, the likelihood of a Fed rate hike will increase. The number of US initial jobless claims stayed below 300,000 for 89 months on end.
Eurozone annualized October CPI is also promising as Germany’s October CPI topped market expectations and September’s.
Home prices in major US cities continued to rise in August and September, and remained high in October, despite a slight drop. US home inventory shortages may tighten in light of existing home sales in August and September. This will leave US October housing starts at highs. US construction permits in September increased more than expected, also boding well for housing starts.
Fed Chair Janet Yellen will speak this evening. If her tone turns out to be hawkish, the likelihood of a Fed rate hike in December will grow.