Inflation data Financial News

Gold and silver prices today on 12-06-2024: Check latest rates in your cityInvestors have flocked to the precious metal, driven by expectations of monetary easing, geopolitical tensions in Europe and the Middle East, and significant central bank purchases, particularly by China.Spot gold is currently trading around $2,300 per ounce after reaching a record high of $2,449.89 on May 20, marking a gain of more than 11 per cent so far this year.“Commodities are broadly stuck in a range and trading flat, as we look ahead to the U.S. CPI numbers and the Federal Reserve’s policy meeting outcome later in the day.

Bitcoin experienced steady growth over the past week recovering from a low of $54,000 to currently trading at $58,000.The week began with the Federal Bureau of Investigation (FBI) releasing a comprehensive report on global crypto scams in 2023, revealing staggering losses. The U.S. topped the list, with over $4.8 billion lost to crypto scams, followed by Canada and the UK. India ranked fifth, with reported losses exceeding $44 million. To avoid falling for such scams, one must Research thoroughly before investing, avoid too-good-to-be-true offers and only use trusted platforms for investing. The presidential debate between Donald Trump and Kamala Harris was the most anticipated, where the crypto community expected a focus on crypto regulation. However, the debate largely centered on other pressing issues such as economic uncertainty, inflation, and abortion rights, with no mention of crypto. This omission left many in the crypto community disappointed, leading to brief selling pressure on Bitcoin. Despite this dip, Bitcoin quickly recovered within a few hours. The same day saw the release of the Consumer Price Index (CPI) data, which showed better-than-expected inflation numbers. This data provided certainty to the crypto community that there will surely be a rate cut in the upcoming FOMC meeting strengthening the market sentiment.

Nasdaq touching fresh record highs on Wednesday after benign consumer prices data reassured investors inflation was cooling, boosting hopes for rate cuts from the Federal Reserve later this year. The S&P 500 was 0.9% higher in early trading Wednesday. The Dow Jones Industrial Average was up 362 points, and the Nasdaq composite was 1.1% higher.

The bitcoin price (BTC) fell below $67,000 Tuesday after the spot bitcoin exchange-traded fund (ETF) market saw its first day of net outflows in nearly three weeks on Monday as bitcoin investors get nervous ahead of inflation data and an influential interest rate decision.

After Federal Reserve officials meet this week, a statement they will issue may suggest that they’ve seen meaningful progress on inflation this year — a prelude to eventual interest rate cuts

Bitcoin (BTC) continued its upward momentum, reaching around $67,900. The Federal Reserve’s preferred inflation measure, the Core PCE Price Index, increased by 0.2% month-over-month in April, aligning with expectations but slightly below the previous month’s 0.3% rise. This modest increase may ease some inflation concerns for the Fed, but consistent readings are necessary to support a potential rate cut by September.

bond yields are expected to be largely unchanged on Tuesday as market participants eye key inflation data in India and the U.S., followed by the Federal Reserve's monetary policy decision on Wednesday. India's benchmark 10-year yield is likely to move in a 7.01%-7.05% range, following its previous close of 7.0331%, a trader with a state-run bank said.

ALSO READ: Wall Street week ahead: All eyes on US Fed policy decisions, inflation dataIn focus this week are the Consumer Price Index inflation report for May and the conclusion of the Fed's two-day policy meeting, both on Wednesday. The central bank, which will release updated economic and policy projections, is overwhelmingly expected to hold interest rates steady.Markets dialed back expectations for rate cuts in September after Friday's bumper jobs data for May, with the odds of a reduction at 50%.Expectations had risen as high as 69% last week.

ALSO READ: Buy or sell: Sumeet Bagadia recommends these three stocks for Monday - June 10After the Fed statement, investors will closely watch chairman Jerome Powell’s press conference for insights.On June 12 (Wednesday) , Federal Open Market Committee’s (FOMC) interest rate decision will be announced, Fed chair Jerome Powell will hold a press conference, and consumer price index (CPI) data for May will be released.June 13 (Thursday) will see the release of producer price index (PPI) data for May.On June 14 (Friday), import price index data for May and consumer sentiment (preliminary) report for June will be released.Apple will hold its annual developers conference WWDC in the week ahead. Artificial intelligence (AI) could be the focus of the WWDC event, starting on Monday.ALSO READ: Indian stock market: Investors’ focus on inflation data, Modi 3.0, US Fed meetFollowing companies are due to report quarterly earnings in the week ahead— Yext, Calavo Growers, FuelCell Energy, Oracle, Casey's General Stores, ZEEKR, Rubrik, Broadcom, Dave & Buster's Entertainment, Oxford Industries, Signet Jewelers, Adobe, and RH.US stocks closed slightly lower on Friday after stronger-than-expected jobs data.The Dow Jones Industrial Average fell 87.18 points, or 0.22 per cent, to 38,798.99, the S&P 500 lost 5.97 points, or 0.11 per cent, to 5,346.99 and the Nasdaq Composite lost 39.99 points, or 0.23 per cent, to 17,133.13.The yield on the 10-year Treasury rose to 4.43 per cent from 4.29 per cent just before the release of the jobs data.

Mumbai: The Indian stock market will be watchful of global factors after the Lok Sabha elections and monetary policy decisions are settled, next week.Analysts believe that investors will keep an eye on the US Fed interest rate decision, India's inflation data, and the decisions of the new government for the upcoming week starting from Monday.The US Fed will announce US core and consumer price inflation figures, alongside the US Federal Reserve's interest rate decision and Federal Open Market Committee (FOMC) economic projections on June 12. Bank of Japan will also announce its interest rate decisions this week.Domestically, On June 12, 2024, India will announce industrial production data and inflation data which will be closely tracked by the investors.India's retail inflation eased to 4.83 per cent in April, down from 4.85 per cent in March.

The upcoming week will also place a significant focus on monetary policy decisions of central banks, as the US Federal Reserve will begin its two-day policy meeting on June 11. The US Fed will announce its interest rate decision after its two-day policy meeting on Wednesday, June 12, 2024.Analysts noted that the US economic landscape has shown signs of moderation in recent months.

Bitcoin (BTC) continued its upward momentum, reaching around $67,900. The Federal Reserve’s preferred inflation measure, the Core PCE Price Index, increased by 0.2% month-over-month in April, aligning with expectations but slightly below the previous month’s 0.3% rise. This modest increase may ease some inflation concerns for the Fed, but consistent readings are necessary to support a potential rate cut by September.

crypto market saw a trading session mainly in the red on Friday, although Bitcoin (BTC) traded in the green ahead of forthcoming key inflation data, which could clarify the Federal Reserve’s interest rate plan. At 12:04 pm, BTC was trading 0.8% higher at $68,337, while Ethereum experienced a marginal decline of over 0.1% to $3,738. Meanwhile, the global cryptocurrency market cap rose by 0.3% to around $2.54 trillion in the last 24 hours.

Gold prices were flat on Thursday, as investors awaited a key U.S. inflation reading that could provide further insights into the Federal Reserve's policy path. FUNDAMENTALS

Mirroring the weakness in global markets, Indian headline indices opened lower for the fourth consecutive session on Wednesday as investors cautiously await U.S. inflation data due this week for clues on the Federal Reserve's interest rate trajectory. Selling was seen across all sectors. The BSE Sensex was trading 315 points, or 0.42, lower at 74,857. The Nifty50 was down 103 points, or 0.45%, trading at 22,785 around 9:20 am.

Dominari Financial CEO Kyle Wool discusses Federal Reserve policy, stock performance and top IPOs on 'The Claman Countdown.'

Stocks edged higher as markets reopened in Europe and the US with traders looking to inflation prints and central bank speakers for hints on the timing of interest-rate cuts. 

Oil prices were steady in early Asian trading on Tuesday as investors awaited inflation data to assess future U.S. monetary policy and the production policy decisions from the OPEC+ meeting on June 2. The Brent crude July contract dropped 3 cents to $83.07 a barrel by 0038 GMT. The more-active August contract slipped 4 cents to $82.85.

Oil records longest losing streak in 5 months on hawkish US Fed policy, demand worries; Brent down 2% at $82/bbl“Oil prices have started the session slightly higher, but moves are expected to be in range as the U.S. and U.K.

Oil prices perked up in muted trade owing to public holidays in Britain and United States after a downbeat week characterised by the outlook for U.S. interest rates in the face of sticky inflation. The Brent crude July contract was up 76 cents at $82.88 a barrel by 1411 GMT. The more active August contract rose 80 cents to $82.64. U.S. West Texas Intermediate (WTI) crude futures were up 78 cents at $78.50.

dollar held steady on Monday, but was set for its first monthly loss this year, as investors were focused on U.S., European and Japanese inflation data to guide the global interest rate outlook. Foreign exchange trade has been dominated by the hunt for «carry» in recent months, punishing low-yield currencies and supporting the dollar, while U.S. data has blown hot and cold and dented policymakers' confidence on the rates outlook.