Market Insights 190523
The G7 summit kicks off today in Hiroshima, Japan and the group of 7 nations are expected to unveil a fresh round of sanctions targeting Russian interests. Ukraine’s President Zelenskyy is also expected to attend this summit at a later stage.?German producer price index figures were encouraging this morning growing by 0.3% monthly and 4.1% yearly. The eurozone economic bulletin is also due today. ECB chief Christine Lagarde and board member Isabel Schnabel shall be talking about financial stability at distinct events today.?The fibre is currently trading at 1.0778
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Yesterday, job market data revealed that only 242K first-time jobless claims had been requested during the past week.?Investors will be paying attention to Fed chair Powell, who will be appearing alongside his predecessor Ben Bernanke at a conference, for any monetary policy insight. Fed governor Michelle Bowman and John Williams will also be making public appearances at separate events today. Yesterday their colleagues Lorie Logan from Dallas Fed and James Bullard from St Louis stated that the inflation is not reacting in a manner warranting a pause in the hiking pattern while Philip Jefferson, President Biden’s pick for the Fed VP seat, suggested that it is probably too early to assess the impact of successive rounds of tightening.?The greenback was trading at 103.42 against similar peers at the time of writing, still driven by hope of a debt limit impasse breakthrough following Joe Biden’s reassurance and treasury yields have also reacted accordingly.