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The Day Ahead: Top 3 Things to Watch

Stock MarketsOct 11, 2017 05:05PM ET
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© Reuters. What to watch out for in tomorrow's session - Here’s a preview of the top 3 things that could rock markets tomorrow

US inflation data on tap

Market participants look ahead to the release of wholesale inflation data for signs of improvement in the U.S. economy, which could further lift expectations for a December rate hike.

Analysts expect a 0.4% increase in inflation for August at the wholesale level, measured by the producer price index, compared to a 0.2% increase in the previous month.

Following the release of inflation data, investor attention will shift to monetary policy as speeches by FOMC members Brainard and Powell could offer insight into the Fed’s thinking on monetary policy tightening.

The dollar fell against its rivals on Wednesday as the minutes of the Federal Reserve showed members expressed concerns that the slowing trend of inflation appeared less transitory than previous thought.

U.S. crude oil stockpiles to show third-straight weekly decline?

A fresh batch of inventory data from the Energy Information Administration (EIA) on Wednesday is expected to show that U.S. crude stockpiles fell for a third-straight week.

Analysts forecast crude inventories rose by about 3.5m barrels in the week ended Oct. 6.

Crude oil prices have made positive to the week amid signs that market rebalancing is underway following a monthly report from Opec showing oil demand is set to rise in 2018, reining in excess supplies.

Crude oil futures settled at $51.30, up 30 cents, on Tuesday.

Draghi in focus

Investors are expected to closely monitor European Central Bank President Mario Draghi’s speech at the fourth "Rethinking Macro Policy" conference organized by IMF for possible clues about future monetary policy. Draghi’s speech comes amid growing expectations that the ECB will soon announce plans to taper its monetary stimulus programme.

Some analysts remained cautious, however, warning that upside in the euro could be limited should Draghi attempt to curb expectations of ECB monetary policy tightening.

"Any signal that QE tapering will remain in place “for longer” could keep EUR upside in check for now," ING said.

EUR/USD rose 0.02% to $1.1860.

The Day Ahead: Top 3 Things to Watch

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Om Deuja Chhetri
Om Deuja Chhetri Oct 11, 2017 5:43PM ET
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