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Morning Juice – US Session Prep
Morning, Traders!
Happy Friday, it is the 12th of July, here are some things to look out for today.
Sentiment
Oil rose for a third day on evidence of increased demand and indications that the Federal Reserve is coming closer to its much-anticipated shift towards lower interest rates. Here’s a look at the news that could influence trading in North American resource stocks today. Brent crude went beyond $86 per barrel, while West Texas Intermediate surpassed $83. Timespreads that measure market health have risen in recent sessions, signalling tighter supply, with the WTI prompt spread reaching its highest level since October.
Docket
08:30 ET
US PPI for June
YoY – Median Forecast: 2.3% | Prior: 2.2% | Range: 2.4% / 2%
MoM – Median Forecast: 0.1% | Prior: -0.2% | Range: 0.2% / -0.2%
Core YoY – Median Forecast: 2.5% | Prior: 2.3% | Range: 2.6% / 2.2%
Core MoM – Median Forecast: 0.2% | Prior: 0% | Range: 0.3% / 0%
10:00 ET
The University of Michigan Survey July Prelim
Sentiment – Median Forecast: 68.5 | Prior: 68.2 | Range: 72.3 / 64
1-Year Inflation Expectations – Median Forecast: 2.9% | Prior: 3% | Range: 3.1% / 2.8%
5-Year Inflation Expectations – Median Forecast: 3% | Prior: 3% | Range: 3% / 2.9%
Good luck, and have a good weekend!