Morning Juice – Europe Session Prep

Good Morning Traders! This Wednesday we get Eurozone Unemployment and CPI. We also see the OPEC+ and JMMC Meeting later on.

Here is what to expect for the day.

Sentiment

Two Federal Reserve members, who have the authority to make decisions about monetary policy, have expressed their belief that the US central bank would reduce interest rates three times in 2024. However, they do not feel an urgent need to begin the process of cutting borrowing costs.

According to the former currency chief of Japan, the country is prepared to take action in the currency market if the yen weakens beyond its present range. This decision is based on the increased warnings from important authorities.

The yuan is nearing the lower limit of its onshore trading range, indicating that despite positive economic statistics, the Chinese currency has not gained significant strength.

Oil prices surged following an industry report indicating a decrease in US crude oil reserves, in anticipation of an upcoming OPEC+ meeting when the organisation is likely to confirm existing production reductions.

Docket

05:00 ET
Eurozone Unemployment Rate
Median Forecast 6.4% | Prior 6.4% | Range 6.5%/6.4%

Eurozone Core CPI YoY Flash
Median Forecast 3.0% | Prior 3.1% | Range 3.2%/2.7%

Eurozone CPI YoY Flash
Median Forecast 2.5% | Prior 2.6% | Range 2.7%/2.3%

07:00 ET
OPEC+ & JMMC Meeting
Median Forecast 49.9 | Prior 49.9 | Range 49.9/49.5

 

Good Luck today, Traders!