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Weekly Market Preview
Friday, 20th of September 2024
Last week, the Federal Reserve implemented a 50-basis point cut, instead of the anticipated 25 basis point reduction. The Fed’s dot plot also indicated a potential 50 basis point cut by the end of this year with an additional 100 basis points in the coming year. As a result, the US dollar index tested to its lowest levels since mid-last year, while the gold price surged above $2,600/oz.
This week, the markets are focused on the release of the US Personal Consumption Expenditures Index data for August, the Fed’s preferred measure to gauge inflation. Projections suggest the YoY PCE headline could drop from 2.5% in July to 2.2% in August, while the YoY core PCE may rise from 2.6% to 2.7%. Any weaker-than-expected data, especially for the core index will likely prompt the Federal Reserve to continue with its planned rate cuts.
Meanwhile, the Reserve Bank of Australia (RBA) is expected to keep interest rates steady at 4.35%, as it works to bring inflation back to its 2% target, with inflation having increased from 3.6% in Q1 to 3.8% in Q2. Investors will also monitor the Swiss National Bank rate decision, which is projected to lower rates by 25 basis points from 1.25% to 1%. With Swiss inflation still below the 2% target, dropping from 1.3% in July to 1.1% in August, the SNB may trim rates further this year. Markets will gain additional insight into the monetary policies of the RBA and SNB from the respective press conferences following their rates decisions.
Monday, 23rd of September
Tuesday, 24th of September
Wednesday, 25th of September
Thursday, 26th of September
Friday, 27th of September
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