The latest US inflation data did little to alleviate these fears and is not expected to influence the Federal Reserve’s ‘higher for longer’ policy. This policy is designed to prevent ‘last mile’ mishaps and will likely be a focal point at the Fed’s meeting in November.
In currency markets, the dollar-yen cautiously bid near 150. Meanwhile, disappointing GDP growth data thwarted the British pound’s (Cable) opportunity to rally above bearish trends.
In commodities, the Energy Information Administration (EIA) disclosed a substantial increase in US crude inventories, leading to a temporary selloff in crude oil. However, buying resumed when prices hit Saudi Arabia’s $80 per barrel limit.
Investors are now looking forward to the third-quarter earnings reports from three major US banks, which are expected to provide further insight into the state of the economy and potential market trends.
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