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Weekly Market Preview
Friday, May 17, 2024
The US Consumer Price Index (CPI) data for April, released last week, matched expectations, with the YoY headline CPI decreasing to 3.4% and the YoY core index dropping to 3.6%. This continued the market optimism initiated by the earlier US jobs report for April, which showed a weakening labor market with fewer jobs added and a decline in average hourly wages. This optimism boosted risk appetite, driving major stock indices such as the SP500 and Nasdaq to historic levels, while the US dollar declined as markets grew confident that the Federal Reserve might begin cutting interest rates in the third quarter of this year.
This week, investors are anticipating a significant set of economic data and speeches from policymakers at several major central banks. The Reserve Bank of New Zealand is expected to announce its interest rate decision, likely keeping it unchanged at 5.5% due to high inflation levels, which stabilized at 4% in the first quarter of this year. Additionally, attention will be on the British Consumer Price Index report. According to Bloomberg, the YoY headline CPI is expected to decrease from 3.2% in March to 2.1% in April. If these expectations are met, it could pave the way for the Bank of England’s Monetary Policy Committee to consider reducing interest rates at the June meeting.
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