The USD is flat, oil prices and equity markets are up, while US yields hedges lower. Currency markets arequiet at the start of the day as it awaits this morning US PPI figures (expectedto rise 2.3% YoY) and the FOMC minutes later this afternoon. Israel-Hama war identifiesas Israel continues its bombing of Gaza as retaliation for last weekend’sterrorist attack. Israeli troops are assembling on the Gaza border as theyprepare for a possible ground invasion. Hezbollah fired missiles into Israel inresponse to the killing of its members earlier this week.
In othernews. Aweek after ousting McCarthy, the Republican party is no closer to choosing anew House Speaker. Zelensky is in Brussels for the meetings with alliancedefense minister seeking more support for Ukraine’s fight against Russia. In asecret ballot, Russia failed to keep its seat on the UN’s top human rights body– Bulgaria is in. General Motors reached an agreement with the Canadian Unionending a 13-hour strike.
Incurrency news. Fedpolicymakers believe that higher bond yield could diminish the need for moreinterest rates hike. Euro remains in a tight range ahead of US economicfigures. European consumers expect higher inflation in the next 12 monthsaccording to the ECB’s monthly Consumer Expectation Survey. Israel’s Shekelremains under pressure trading near 6-year low. In the Asian currencies, CNY isdown 0,1% while THB strengthened 0.6% and MYR 0.23%. AUD and NZD are bothweaker by 0.2% and 0.3% respectively. In the trading currencies, the ZAR is up 0.8%while the MXN rose 0.4%.
Incommodity news. Exxonagrees to buy Pioneer Natural Gas for US$ 60B. Gold hedges higher (0.6%),oil if off 0.4% after the recent move higher. Nat gas up 1.7%, Copper down0.15%, Wheat down 0.13% and Soybean remains stable.
CAD remains quiet thismorning as we await US PPI and FOMC minutes. The war in the Middle East couldcontinue to have an impact on oil prices which could benefit the C$.
EURCAD continued its movehigher this morning hover around the 1.4400 level.
EUR struggles to gather anyfresh buying interest ahead of US economic data. Germany’s Final CPI rose 4.5%YoY and 0.3% in September – in line with expectation.
GBPEUR continues its gradualmove higher for a seventh straight day.
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