SHANGHAI, Jun 20 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.
The US dollar dropped on Wednesday after the US Federal Reserve left interest rates unchanged but opened the door to a potential rate cut in the near future.
LME base metals closed mixed on Wednesday, with the biggest loss of 2% in zinc. Tin fell 1.1%, copper declined 1%, and lead slipped 0.8% while aluminium inched up close to 0.1% and nickel rose 1.4%.
SHFE base metals performed similarly overnight. Zinc dropped 1.2%, lead shed 0.6%, copper lost 0.3% and tin edged down 0.1% while aluminium and nickel advanced 0.4%.
The US central bank dropped the word “patient” from its statement for its latest monetary policy meeting and said it would “act as appropriate” to sustain the economy.
US crude inventories fell by 3.1 million barrels in the week ended June 14, compared with analysts’ expectations for a draw of 1.5 million barrels, the Energy Information Administration (EIA) said on Wednesday.
Economic data slated for release today include US weekly jobless claims and current account for the first quarter, as well as the Eurozone’s consumer sentiment in June.