Today's economic calendar is light, with only US building permits and housing starts scheduled for release.
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Today's key event in the data calendar is the release of US Personal Consumption Expenditures (PCE) data. While this is the Federal Reserve's preferred measure of inflation, it typically lacks the same level of market-induced volatility as the Consumer Price Index (CPI).
Today, the financial markets continue to closely monitor the US 10-year Treasury yields as they edge closer to the 5% threshold. This ongoing climb in yields, which reached a new cycle high last night, has added further pressure to risk appetite.
Equities continued their march higher today, with the S&P 500 trading at its highest levels in three weeks. The move higher happened despite a big beat in US PPI data yesterday, which showed that inflation is still stubbornly high.
The recent escalation of tensions between Israel and Hamas has raised concerns about stability in the Middle East. This has put the focus on three key risks: oil, gas, and inflation.
The Reserve Bank of Australia (RBA) kept rates on hold at 4.1% during today's Asia-Pacific session, as expected. The bank also left the door open to more hikes if necessary. However, the market reaction was a tad surprising, with the AUD seeing a chunky move lower despite no surprises from the bank.
This week is heavy on economic data coming out from several corners of the world - here's what to look for.
Yesterday, the bond market experienced a significant surge in volatility, as indicated by the MOVE index, which measures bond market implied volatility.
In this article, we will delve into the significance of each data point and discuss how they could impact the foreign exchange (FX) markets.
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