Market Overview - Page 53

Canadian inflation slowed to 2.5% y/y, the lowest since March 2021, in line with expectations. Several core indices tracked by the Bank of Canada (common, median and trimmed) also fell back to three-year levels. In this case, prices rose more.

The US dollar has fallen to its lowest levels of the year, losing more than 2.3% from its August peak and around 4% since early July as expectations of a Fed rate cut in September began to be priced in..

Economic data from the US in recent weeks has reduced the risk of recession and encouraged the purchase of risk assets, but the construction sector is bucking the trend. Building permits fell 4% in July to 1.396 million, the lowest.

The cost of a barrel of WTI has fallen four out of the last five sessions, underlining the bears’ dominance. Selling is intensifying as the price rises above $78, which is close to important technical levels. Last week, oil failed.

Gold has been rising steadily since the end of last week and is attempting to consolidate above $2470 per troy ounce on the spot market for the third time in the last 30 days. Gold has moved in tandem with.

Weak macro data in early August triggered a simultaneous sell-off in equities and the dollar on fears of an economic meltdown. Over the past ten days, however, several important statistical releases have changed expectations. Thursday’s retail sales and weekly jobless.

The US inflation report was in line with expectations, showing a 0.1 percentage point slowdown in July to 2.9% y/y for the headline measure and 3.2% y/y for the core measure, which excludes food and energy. Tuesday’s producer price data.

The rally in US indices passed an important milestone on Tuesday, greatly increasing the chances of ending the market correction that took place in the second half of July and early August. US indices have been rallying strongly since last.

The British Pound jumped 0.25% against the Dollar and 0.33% against the Euro due to the employment data. Although key parameters of the report exceeded market expectations, the overall negative trend remains. In the three months to June, the unemployment.

China’s consumer inflation accelerated to 0.5% y/y in July from 0.2% in the previous month. This is well above the expected 0.3% and reduces the risk of deflation taking hold. At the same time, producer prices fell by 0.8% y/y.

Gold has experienced increased volatility over the past seven days, falling 4.4% from Friday’s high to Monday’s low and then rising 2.5% from the low. Much of gold’s recovery on Thursday was in tandem with a massive rally in equities.

The British Pound has been under increased pressure over the past few weeks, facing serious resistance as it tries to break important long-term levels against the Dollar and Euro. GBPUSD exceeded its 200-week moving average at 1.2850 in July, repeating.