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The critical event of the Asian session will be the Australian employment report. China will release the House Price Index. Later in the day, reports from the US includes the weekly Jobless Claims, Industrial Production, and the Philly Fed. Here is what you need to know on Thursday, November 16: The US Dollar rose, supported by a rebound in US Treasury yields. However, the Greenback appears vulnerable in the short term as cooling inflation in the US suggests that the Federal Reserve is done raising interest rates. The Producer Price Index (PPI) declined by 0.5% in October, contrary to expectations of a 0.1% increase. The annual rate dropped from 2.2% to 1.3%. These readings align with the Consumer Price Index (CPI) data released on Tuesday, indicating softer inflation. Retail Sales declined by 0.1% in October, against expectations of a steeper slide of 0.3%. The focus now turns to employment data with the weekly Jobless Claims on Thursday. Analysts at Wells Fargo on Retail Sales: Overall retail sales slipped only incrementally in October, falling just a tenth of a percent from its upwardly revised level for the prior month. Consumer spending may be losing a bit of momentum, but not as much as had been widely expected given the recent deterioration in various measures of consumer sentiment. The PPI data further supports the perspective that the Fed has completed its tightening cycle. However, the US Dollar Index (DXY) recovered from monthly lows, rising from 104.00 to 104.40, while the 10-year yield increased from 4.42% to 4.52%.Stocks on Wall Street were on track for another positive day as investors reacted positively to the US data. China’s activity data improved in October, contributing to market optimism, with Industrial Production and Retail Sales coming in above expectations, showing a 4.6% and 7.6% annual increase,…

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Filed under: News - @ November 16, 2023 1:10 am