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FOMC minutes indicate a greater priority on the labour market over inflation, although some members currently favour a longer pause. The overall tone is marginally dovish, as most members see prospects for rate cuts if inflation declines in line with expectations.
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EURUSD is rebounding slightly following the minutes, while other major markets show no significant reaction despite the marginally dovish tone.
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For many equity markets in Asia and Europe, today’s session was the last of the year. The German DAX cash index gained nearly 0.6%, while futures rose as much as 1%, trading near all-time highs.
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JAP225 is gaining during the day, even though the cash index lost nearly 0.4%. JAP225 remains less than 4% away from its historical peaks.
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UK100 is at all-time highs, moving closer to the 10,000-point mark. Tomorrow's session in the UK will be shortened.
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US Wall Street index futures are extending the sell-off from the beginning of the week. US500 is losing slightly during the session; Wall Street will trade normally tomorrow.
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EURUSD has been quite volatile during today’s session. However, the pair continues the sell-off that began on December 24, currently testing the 1.1750 level.
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Spanish inflation for December fell to 2.9% y/y from 3.0%, against expectations of a decline to 2.8% y/y. Monthly inflation rose by 0.3% m/m.
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The Chicago PMI for December rose to 43.5, against expectations of 40 and a previous level of 36.3. It is worth noting that this is a highly volatile indicator, so such a scale of rebound is not surprising given the improving economic outlook in the US.
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Oil prices are rising as peace prospects in Ukraine fade following the Trump-Zelenskyy meeting and reports of drone attacks on a Russian presidential residence. Brent crude remains above $61, but lacks upward momentum.
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A shift in nickel supply: prices rose 6% today following reports that Indonesia, the world's largest producer, plans to cut production by one-third to combat global oversupply.
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A sharp hike in margin requirements on COMEX triggered a 15% correction on Monday (peak-to-trough), though long-term demand from the photovoltaic and AI sectors remains inelastic, suggesting no imminent demand destruction. Silver is recovering a large part of yesterday's pullback today.
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Natural gas volatility: gas prices rose above $4/MMBtu due to strong inventory draws recently. While short-term temperature drops are indicated, January is expected to remain relatively warm.
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Goldman Sachs, in its latest forecasts, points to further gold price increases to $4,900 and a continued bearish outlook for oil.
Minutes FOMC: Further cuts are possible if inflation eases. EURUSD limits decline
⏫Silver and gold rally ahead of FOMC minutes
BREAKING: US Chicago PMI beats expectations 🗽USDIDX reacts
US OPEN: Wall Street awaits FOMC minutes
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