Main market news on September 23
The US dollar has broken through the key resistance, it failed to cross since March so far. Riskier assets are dipping. Let’s discuss it in detail.
China's July factory gate inflation stands still, consumer prices dip
In July, China's annual producer price inflation was intact, with prices for major raw materials soaring moderately on expectations of deeper capacity dips going into the winter months of tough pollution. Meanwhile, consumer inflation decreased moderately.
From the previous year the producer price index inched up 5.5% the previous month, staying intact from June, as the National Bureau of Statistics told on Wednesday.
China's economy has demonstrated solid surge in 2017 as commodity prices revived, assisting to boost the industrial sector. At the same time mild consumer price gains have provided policymakers with enough room to maneuver if surge falters.
Experts surveyed by Reuters had hoped that producer prices would stand still for a third straight month, sticking to 5.5%.
The PPI edged up 0.2% in July on a month-on-month basis, following three months in the red, with the NBS associating this with an ascend in prices of commodities, such as steel as well as non-ferrous metals.
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Services and Manufacturing PMIs are out on Wednesday at 11:30 MT time.
Main market movements on September 22
The market sentiment remains risk-off amid rising virus cases around the world and fears over new restrictions and lockdowns.
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The market sentiment is mixed as investors weigh US stimulus package against the rising infections and worse-than-expected US unemployment claims. Jump in for fresh analysis of EUR/USD, USD/JPY, S&P 500 and gold!
The US weekly labor data is out!
US Initial jobless claims will be announced on Thursday at 15:30 MT time.
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