While the FOMC Minutes made it clear that most Fed members expect a December rate hike, they cautioned that such a move would depend on the inflation data picking up and we will have to wait until Friday to find out what the latest CPI figures are going to be. They will be pivotal for the dollar, which in the mean time remains soft . Stocks and remain rangebound while the commodities are generally underpinned by the softer US$.
The US PPI will be the main item on the agenda today ahead of the main features of the week, tomorrow’s CPI and Retail Sales. Ahead of that, the Australian Home Loans and the China Foreign Direct Investment are due in Asian time and the EU Industrial Production will be the focus in Europe. There are plenty of ECB speakers due today, led by Mario Draghi but that aside, there is little to excite the imagination and it looks likely to be politics that again dominates the price action.
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