Markets edge higher ahead of US inflation data - 13.9.2022

The Dollar weakening continues currently. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, lost 0.5% on Monday.

Both EUR/USD and GBP/USD continued climbing Monday despite National Institute of Economic and Social Research report the Gross Domestic Product in the three months ending in August declined 0.3% compared to the three month period ending in July. Both pairs are up currently. USD/JPY resumed its climbing yesterday while AUD/USD slowed its advancing with the Australian dollar lower against the Greenback currently and the yen higher.

Futures on three main US stock indexes are up currently ahead of the Bureau of Labor Statistics report on Consumer Price Index at 14:30 CET today with the yield on benchmark 10-year Treasury notes inching down to 3.342%. The three main benchmark indexes ended higher on Monday recording daily gains ranging from 0.7% to 1.3%.

European stock indexes futures are rising currently after closing higher Monday as retail shares led gains. Asian indexes futures are rising today with Hong Kong’s Hang Seng index and Chinese shares leading gains buoyed by automobile stocks after recent data showed local automobile sales surged in August.

Brent is edging up currently. Prices rose yesterday as the US Department of Energy data showed US emergency oil stocks fell 8.4 million barrels to 434.1 million barrels in the week ended September 9, its lowest level since October 1984. President Biden in March set a plan to release 1 million barrels per day over six months from the Strategic Petroleum Reserve to fight high US fuel prices. The current program ends in October. US West Texas Intermediate WTI added 1.1% and is higher currently. Brent gained 1.3% to $94.00 a barrel on Monday.