Markets rise ahead of US inflation data - 11.1.2024

The Dollar weakening is intact 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 0.2% Wednesday.

Both GBP/USD and EUR/USD reversed their retreating on Wednesday. Both euro and Pound are higher against the dollar currently. USD/JPY accelerated its advancing yesterday and AUD/USD reversed its sliding with both the yen and the Australian dollar higher against the Greenback currently.

The US stock index futures are higher currently ahead of inflation report at 14:30 CET today. The three main US stock indexes ended higher on Wednesday in the narrow range from 0.5% to 0.8% led by technology shares.

European stock indexes futures are up currently after indexes closed lower yesterday with mining stocks leading losses. Asian stock indexes futures are mostly higher today with Japan’s Nikkei leading gains on expectations that the Bank of Japan will maintain its ultra-dovish policy.

Brent is retracing up presently. Prices fell over 1% yesterday after the US Energy Information Administration reported a surprise 1.3 million barrels build in crude oil stockpiles. EIA reported also larger than expected jumps in storage of gasoline and distillates. The US oil benchmark West Texas Intermediate (WTI) futures lost 1.3% but is higher currently. Brent crude fell 1.2% to $76.67 a barrel on Wednesday.