US INFLATION: December CPI Preview And Detailed Analyst Expectations
Jan-15 11:19
Re-upping our US CPI preview (PDF) ahead of the release in just over 2 hours (0830ET).
- A summary of analyst expectations is in the image below (as noted earlier, consensus doesn't appear to have changed after PPI).
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US: SOFR FIX - 16/12/24
Dec-16 11:13
SOFR Fix - Source: Market source
- 1mth 4.37521 -0.00661
- 3mth 4.35138 0.00266
- 6mth 4.27273 0.01232
- 12mth 4.17105 0.03526
OUTLOOK: Price Signal Summary - Pullback In Gold Appears Corrective
Dec-16 11:09
- On the commodity front, Gold has pulled back from its recent highs. Trend signals remain bullish and a move lower is considered corrective. A key short-term resistance at $2721.4, the Nov 25 high, has been pierced and this represents a positive development. A continuation higher would expose key resistance at $2790.1, the Oct 31 high. Clearance of this level would confirm a resumption of the primary uptrend. First key support is $2605.3, the Nov 26 low.
- In the oil space, a bearish threat in WTI futures remains present and last week’s gains are - for now - considered corrective. A resumption of the bear cycle would open $65.74, the Oct 1 low, and $63.90, the Sep 10 low and key support. For bulls, a stronger reversal to the upside would instead refocus attention on the key short-term resistance at $77.04, the Oct 8 high. Initial firm resistance to watch is unchanged at $72.41, the Nov 7 high.
LOOK AHEAD: US Flash PMIs
Dec-16 11:04
US Data/Speaker Calendar (prior, estimate). All times ET
- Dec-16 0830 Empire Manufacturing (31.2, 10.0)
- Dec-16 0945 S&P Global US Manufacturing PMI (49.7, 49.5)
- Dec-16 0945 S&P Global US Services PMI (56.1, 55.8)
- Dec-16 0945 S&P Global US Composite PMI (54.9, 55.1)
- Dec-16 1130 US Tsy $81B 13W, $72B 26W bill auctions
