The market takes breath after the long rally. What opportunities do traders have today?
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.
The United States will publish a weekly update on unemployment claims on July 9, at 15:30 MT time.
The market sentiment deteriorated amid increasing virus cases in the USA and Australia. Investors prefer safe-haven assets like gold, the US dollar and the Japanese yen.
Riskier currencies and stocks are in favor of investors. Surprisingly, gold rallies too. Let’s have a closer look.
Congratulations! Gold has just opened a new era... or, rather, reopened...
Canada will publish the employment change and the unemployment rate on July 10, at 15:30 MT time.