Dollar keeps steadier on the session, eyes PCE price data laterECB's Müller: It is realistic for inflation to be near 2% by the middle of this yearBavaria January CPI +2.5% vs +3.0% y/y priorGermany January unemployment change 11k vs 14k expectedWhat is the distribution of forecasts for the US PCE?European indices open slightly higher, look to end the month on a highGold clips $2,800 for the first time as the run higher continuesFrance January preliminary CPI +1.4% vs +1.5% y/y expectedWhat are the main events for today?Germany December retail sales -1.6% vs +0.2% m/m expectedUK January Nationwide house prices +0.1% vs +0.3% m/m expectedFX option expiries for 31 January 10am New York cutBOJ governor Ueda: Will continues to hike rates if economy moves in line with forecastBOJ governor Ueda: Underlying inflation is still somewhat below 2%Nomura now expects the Fed to keep interest rates unchanged through 2025Goldman Sachs sees Brent oil price averaging $78 in 2025
Gold has been in the spotlight since yesterday as it made a new all-time high and continues to display a bullish price action. Crude oil, on the other hand, is negative on the day as it erased yesterday's pop triggered by Trump's comments on tariffs on Canada and Mexico. The support around the key $72.00 level is still holding.
In the equity space we are having kind of the same sentiment with cautious optimism as the price continues to slowly edge higher. Treasury yields are almost flat.
In the American session, the focus will switch to the US Core PCE Index and the US Q4 Employment Cost Index. The PCE shouldn't change much in terms of market pricing, while the ECI might have a bigger impact.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
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