The US dollar gained some ground against its competitors on Wednesday morning as markets await Jerome Powell’s speech due later in the day. The Fed Chair’s remarks at the Division of Research and Statistics Centennial Conference in Washington will be scrutinized by economists for fresh cues about the central bank’s next policy move.
Fears about falling demand in China, the US and Europe led to oil prices dropping close to 3-month lows. ING’s commodity analysts noted that “the market is clearly less concerned about the potential for Middle Eastern supply disruptions and is instead focused on an easing in the balance.”
In the UK, the Bank of England’s (BoE) Chief Economist Huw Pill said that a first rate cut to the BoE’s rates in August 2024 “doesn’t seem totally unreasonable” to him. Commenting on monetary policy, he added “but if we have the restrictive policy for too long, then the danger is…we trigger a recession, we trigger an excessive slowdown in the economy.”
Table of Contents
- China CPI October report
- UK GDP Q3 Preliminary Data
- Commerzbank Gold Prices to Top at $2,000
China CPI October report
The National Bureau of Statistics is publishing data about…
