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The Day Ahead: Top 3 things to watch

Stock MarketsSep 13, 2017 05:12PM ET
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© Reuters. What to watch our for in tomorrow's session – Here’s a preview of the top 3 things that could rock markets tomorrow

US inflation and jobs data on tap

Market participants look ahead to the release of a pair of economic reports on inflation and jobs due Thursday, for signs of improvement in the U.S. economy, which could raise the prospect of the Federal Reserve keeping to its plan to tightened monetary policy later this year.

Analysts expect the rate of inflation rose 0.2% in August, compared to an 0.1% rate in the previous month.

On the jobs data front, economists forecast the number of individuals who filed for unemployment insurance for the week ended Sept. 8, to rise by 2,000 to 300,000.

Ahead of the inflation and jobs data, the dollar traded sharply higher against its rivals.

Its interest rate decision day in the UK

The Bank of England’s Monetary Policy Committee will make a decision on whether to raise or lower interest rates on Thursday amid hawkish comments from a few monetary policy committee (MPC) members, urging the central bank to raise rates sooner rather than later.

“We do not need to be putting the brakes on so much that the economy weakens sharply,” Michael Saunders, an external member of the central bank’s Monetary Policy Committee said. “But, our foot no longer needs to be quite so firmly on the accelerator in my view.”

It’s widely expected that the Bank of England will keep interest rates unchanged at 0.25% on Thursday.

GBP/USD retreated from its 1-year high on Wednesday to trade roughly flat at $1.3209.

Bitcoin to add to its $20 billion market cap slump?

The selloff in Bitcoin looks set to continue on Thursday, after The National Internet Finance Association of China (NIFA), claimed that “financial and social risks [of bitcoin exchanges] cannot be ignored.”

The National Internet Finance Association of China, a self-regulatory agency, established by the People’s Bank of China, said that Bitcoin “is becoming a tool for money laundering” and warned that virtual currency trading platforms in China are not legally established.

Bitcoin fell to $3888, down $260.5 or 6.28%. The recent selloff in Bitcoin, following since its peaked of $4,969 in Aug. 27, has shaved off nearly $20 billion from its market cap.

The Day Ahead: Top 3 things to watch

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