The Fed released its meeting minutes yesterday covering the monetary policy meeting from September. Officials maintained the view that further gradual rate hikes were necessary. The hawkish tone of the minutes sent the USD to rise.
UK’s inflation data released yesterday showed that consumer prices rose at a much slower pace. Headline inflation was seen rising 2.4% on an annualized basis in August. This was slower than the median forecasts of 2.6%. Inflation eased from 2.7% in August. Core CPI which excludes the food and energy prices rose 1.9% down from 2.1% in August.
Australia’s unemployment data showed that the official unemployment rate fell to a six-year low at 5.0%. This beat estimates of no change at 5.3%. The number of jobs added was slower at 5.6k which was below estimates of 15.2k.
In Japan, the export data showed a decline for the first time in two years. The decline in exports came amid the business concerns about the trade wars as well as natural disasters.
The day ahead will see the retail sales figures from the UK coming out. Headline retail sales are forecast to fall 0.4% on the month following an increase of 0.3% previously.
The EU’s economic summit continues for the second day today. On the agenda will be the Brexit issue. The NY trading session will see the release of the Philly Fed manufacturing index. Economists forecast that the Fed manufacturing index eased to 18.7 from 22.9 previously.
