Markets will be keenly watching today’s release of US CPI (inflation) data which is expected to indicate an annualized rate of 7.2%.
- Today will see a release of US CPI (inflation) data which will be very keenly watched as the rate will have a big influence on the Federal Reserve’s timing of rate hikes and other monetary policy measures. This has become one of the most important events in the economic calendar, especially in the Forex market. The consensus forecast expects another rise, from 7.0% to 7.2%.
- Energies such as WTI Crude Oil have continued to decline since last Friday’s long-term high prices.
- The cryptocurrency sector continues to look weakly bearish, with Bitcoin turning down after failing to clear a key resistance level at $45,668. Ethereum looks a little stronger, especially if it can get established above $3,250.
- The Forex market is relatively quiet and is likely to remain that way until the US CPI data release later. Over the short term, the EUR is strong while the AUD is weak. Over the longer term, there is a bullish trend in the US dollar.
- Daily new coronavirus cases globally seem to have peaked three weeks ago, suggesting that the omicron variant wave may have already peaked worldwide.
- It is estimated that 61.6% of the world’s population has received at least one dose of a coronavirus vaccination.
- Total confirmed new coronavirus cases worldwide stand at over 403.7 million with an average case fatality rate of 1.44%.
- The rate of new coronavirus infections appears to now be increasing most quickly in Armenia, Austria, Azerbaijan, Bahrain, Bhutan, Brunei, Chile, Egypt, Finland, Georgia, Guatemala, Indonesia, Iran, Japan, Jordan, South Korea, Latvia, Lebanon, Lithuania, Malaysia, Netherlands, New Zealand, Romania, Russia, Singapore, Slovakia, Turkey, and the Ukraine.
- It is a public holiday in Japan tomorrow.