Oil prices are higher during today’s APAC trading but are off their intraday high coinciding with the US dollar rising from its lows. The market realises that a peace in Ukraine that allows sanctions on Russian energy to be eased is a long way off after the difficult meeting at the White House. WTI is up 0.6% to $70.18/bbl after reaching $70.60 earlier, while Brent is 0.6% higher at $73.21/bbl following a high of $73.67. The USD index is still down 0.2%.
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The House Financial Services Committee's website confirms that Fed Chair Powell will deliver his semi-annual Monetary Policy Report on Wednesday Feb 12 at 1000ET.
Friday’s nonfarm payrolls for January highlights the US macro week. It's a highly anticipated report that could alter recent trends considering it will include annual benchmark revisions along with seasonal factors and an updated birth-death model.
In a largely positive week for economic activity data, including in core durable goods and MNI Chicago PMI, the Q4 GDP accounts stood out by showing a very strong end to 2024 for the consumer.
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