The Day Ahead: Top 3 things to watch
Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow
US Inflation and jobs data on tap
Market participants look ahead to the release of a pair of economic reports on inflation and the labor market due Thursday, for signs of improvement in the U.S. economy, which could raise the prospect of the Federal Reserve keeping to its plan to tightened monetary policy later this year.
Analysts expect a 0.1% increase in inflation for July at the wholesale level, measured by producer price index, compared to an 0.2% increase in the previous month.
On the jobs data front, economists forecast the number of individuals who filed for unemployment insurance for the week ended July 28 to remain unchanged at 240,000.
Ahead of the inflation and jobs data, the dollar traded roughly flat against its rivals.
Pound to receive a boost?
Manufacturing and trade balance data for June, could offer fresh direction for GBP/USD, which has struggled to add to recent gains, falling below $1.30.
Manufacturing data for June is expected to show a slight improvement, rising to 0% from -0.2% in the prior month.
Meanwhile trade data is also likely to be closely monitored, as economists forecast the trade balance narrowed in June to -11bn from 11.86bn in May.
Opec monthly report
Following an Opec two-day meeting on improving compliance with the deal to curb production, investors turn attention to an Opec monthly report due Thursday for an update on key developments impacting oil market trends in world oil demand, supply as well as the oil market balance.
Sentiment on oil has soured during recent trading session amid reports of an uptick in Opec output. That despite the group’s pledge to increase compliance, after extending the production-cut agreement until March 2018.
Meanwhile, data on Wednesday showed U.S. crude supplies fell for a sixth-straight week, easing concerns over the current global glut in crude which has pressured crude oil futures over the past three years.
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