Last night's FOMC meeting minutes left markets a little disappointed as the minutes offered no commitment to the future path of interest rates. Prior to the release, markets had priced in a 16% probability of a lift off in November and a 68% probability of a lift of in December which has remained largely unchanged as we see the USD remain relatively flat against its counter parts, perhaps even a little bearish as we see the recent bullish momentum stifled. Currently the USD is at key resistance across the board as we await the US Unemployment Claims and Import Prices expected at 252K and 0.1% respectively.
With Crude oil in news of late as we see oil producers struggle with the realities of oversupply and subdued prices, puts today's Crude oil Inventories data in the spotlight. Markets will be watching the figure to see if inventories print higher or lower than the foretasted 0.4M after last week's surprise drop by 3M.
Today's Key economic data is as follows:
- NHPI m/m expected at 0.3%
- Unemployment Claims expected at 252K
- Import Prices m/m expected at 0.1%
- US Crude Oil Inventories expected at 0.4M
- RBA Financial Stability Review
- CPI y/y expected at 1.6%
- PPI y/y expected at -0.4%