How The Markets Fared Wednesday, February 14
As the Wall Street Session went underway Wednesday, the Dollar fell, likewise Government Bond Prices following the report that Inflation increased faster-than-expected. Given that some of the cost increases are a direct result of increased energy prices, Market Watchers are expecting the inflationary pressure to ease off in the coming months.
Despite being under pressure this month, Crude Oil prices gained yesterday, reversing losses following the crude Inventories data. Saudi Arabia’s Energy Minister did however, reiterate commitments to cutting crude output and rebalancing the global oil market, as reported by the Wall Street Journal.
The Euro advanced as Equity Markets rebounded following the stronger-than-expected Inflation Report from the US. Pound Sterling strengthened against the Dollar. So did the Canadian Dollar and the New Zealand Dollar advanced to a one-week high, supported by both the weak Dollar and the Central Bank survey which showed business managers forecast annual inflation to average 2.11% in 2 years.
The Japanese Yen soared this morning, making Intrday highs despite lower-than-expected Machinery Orders Data, hitting highest levels since November 2016. The Nikkei advanced and the Japanese Government bonds remain flat. The Australian Dollar is trading marginally lower following the Employment Data, with a neutral Intraday bias.
Prices of digital currencies rallied Wednesday, after Bitcoin nosedived earlier this month. Regaining losses yesterday, Bitcoin traded at an 11 day high, according to Coin Desk, while Ether (running on the Ethereum network) advanced 7.4%. Bitcoin Cash advanced 8.5%, Ripple was up 6.8% while Litecoin advanced, being the biggest mover shooting up 30%.
01:30 PM GMT Philadelphia Fed Manufacturing Index (Feb)
01:30 PM GMT US PPI (MoM) (Jan)
01:30 PM GMT Canada ADP Nonfarm Employment Change
10:00 AM GMT EuroZone Trade Balance (Dec)
01:30 PM GMT US Core PPI (MoM) (Jan)
01:30 PM GMT New York Empire State Manufacturing Index (Feb)
02:15 PM GMT US Industrial Production (MoM) (Jan)
09:30 PM GMT New Zealand Business NZ PMI (Jan)