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Macro Roundup (Aug 12)

iconAug 12, 2022 09:30
Source:SMM
The dollar lost further ground versus other major currencies on Thursday, after traders reined in bets on an aggressive interest rate hike by the Federal Reserve after softer-than-expected U.S. inflation data the previous day.

SHANGHAI, Aug 12 —This is a roundup of global macroeconomic news last night and what is expected today.

The dollar lost further ground versus other major currencies on Thursday, after traders reined in bets on an aggressive interest rate hike by the Federal Reserve after softer-than-expected U.S. inflation data the previous day.

The dollar index remained on the back foot in early European trading hours, slipping 0.02% to 105.18, after recording its biggest daily fall in five months, of 1%, the previous day.

Data on Wednesday showed U.S. consumer prices were unchanged in July, month on month, after advancing 1.3% in June.

Stock futures were flat in overnight trading after the Dow Industrial Average and S&P 500 closed near flat following a short-lived rally on the back of another positive inflation report.

Futures tied to the Dow Jones added 24 points, or 0.07%, while S&P 500 and Nasdaq 100 futures each rose 0.1%.

Thursday’s postmarket moves followed a bewildering regular trading session that saw the major averages close flat or slightly lower after rallying earlier in the day following a better-than-expected producer price index report for July.

The Nasdaq Composite dipped 0.58% to close at 12,779.91, while the Dow added 27.16 points, or 0.08%, to finish at 33,336.67 and the S&P closed 0.07% lower at 4,207.27.

Oil prices rose by over 1% on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring gas prices drive some consumers to switch to oil.

Brent crude futures gained 2.7% to trade at $100.03 a barrel, while U.S. West Texas Intermediate crude futures advanced 3.2% to $94.87.

Gold prices edged lower on Thursday, weighed down by prospects of more rate hikes by the U.S. Federal Reserve even as data pointed to signs of inflation peaking.

Spot gold fell 0.38% to $1,785.3892 per ounce. U.S. gold futures settled down 0.66% at $1,801.8.

The pan-European Stoxx 600 provisionally closed fractionally above the flatline, with oil and gas stocks climbing 2% while health care stocks fell 1%.

Macro

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