This week, investors were focused on the FOMC minutes, U.S. inflation data, the Canadian labor market report, and the RBNZ meeting.
● RBNZ interest rate decision: The Reserve Bank of New Zealand (RBNZ) cut its interest rate by 0.50% to 4.75%. This move was made as inflation returned to its target range of 1% to 3%. The RBNZ minutes confirmed that annual inflation in the third quarter was around 2%, while in the second quarter, it was 3.3%.
● FOMC minutes:: The minutes from the Federal Open Market Committee (FOMC) meeting on September 17-18 have been released. A majority of committee members supported a 0.50% cut in the key interest rate in response to deteriorating labor market conditions and slowing inflation.
● Oil Inventories: According to the EIA, U.S. Crude Oil Inventories increased by 5.810 million barrels, surpassing expectations, with Cushing Crude Oil Inventories at 1.247 million barrels.
● Inflation Data: The Consumer Price Index (CPI) data for September has been released, showing a decrease from 2.5% to 2.4% year-over-year, which is better than anticipated. The monthly CPI remained steady at 0.2%. The core index increased by 0.3%, which was also below expectations.
● Jobless Claims: Claims reached 258,000 last week, exceeding the forecast of 231,000, indicating some weakness in the labor market.
● GDP Report: U.K. GDP grew by 0.2% month-over-month in August, aligning with expectations. The annual growth rate stood at 1.0%, below the forecast of 1.4%.
● Inflation: September inflation data is out, showing the CPI remained unchanged at 1.6%, in line with forecasts.
● PPI: The PPI data for September is expected to be released at 12:30 p.m. GMT, with the core PPI projected at 0.2% and the overall PPI at 0.1%.
● Employment data: The September labor market report is set to be released at 12:30 p.m. GMT, with an employment change forecast of 33.1K and the unemployment rate expected to rise from 6.6% to 6.7%.
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