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Financial Focus: Asia Market Overview

Financial Focus Asia Market

Stay updated with financial focus on Asia market trends. US Producer prices rose, impacting currencies: key events and market outlook.

US Session Recap

In September, Producer prices (PPI) in the US rose by 0.5% MoM, marking the lowest increase in three months but surpassing the market’s 0.3% forecast. Goods prices surged by 0.9% MoM, driven by a 5.4% increase in gasoline prices. PPI rose from 2.0% YoY to 2.2% YoY. Minutes from September’s FOMC meeting revealed a cautious approach to further interest rate hikes, with officials agreeing on the need for continued rate restrictiveness. Despite the hawkish tone and the ‘hot’ PPI data, the Dollar Index (DXY) fell to 105.70 by the session’s close.

Financial Focus – Asia Market

As measured by the Melbourne Institute (MI), consumer inflation expectations in Australia dropped to 4.6% YoY in September from 4.9% – the lowest since April. Further softening would align with the RBA’s view of easing cost pressures. The Aussie was trading around 0.6420 before the data release.

Key Events Today

US CPI (12:30 pm GMT): August’s Consumer Price Index (CPI) stood at 3.7% YoY, exceeding expectations. Rising oil prices might sustain this trend. The forecast for September is 3.6% YoY. A lower CPI could negatively impact the US dollar. Rising unemployment claims, observed recently, might further pressure the currency downward.

Central Bank Updates

Federal Funds Rate: 5.25% to 5.50%

Committee’s Inflation Target: 2.0%

Next FOMC Meeting: October 31 to November 1, 2023

Dollar Index (DXY) Outlook: Medium Bearish

Gold (XAU) Outlook: Medium Bullish

Australian Dollar (AUD) Outlook: Medium Bullish

New Zealand Dollar (NZD) Outlook: Weak Bullish

Japanese Yen (JPY) Outlook: Weak Bullish

Euro (EUR) Outlook: Weak Bullish

Swiss Franc (CHF) Outlook: Medium Bearish

British Pound (GBP) Outlook: Weak Bullish

Canadian Dollar (CAD) Outlook: Weak Bullish

Oil Market Outlook: Strong Bearish

Critical Energy Market Update

EIA Crude Oil Inventories (3:00 pm GMT): API data indicated a significant crude build. Analysts expect EIA inventories to demonstrate a small drawdown, but even a more substantial decrease might not boost crude prices.

Market Sentiment for the Next 24 Hours: Strong Bearish for Oil, with a Mixed Outlook for Major Currencies.

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