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CPI Argues in Favour of Fed Action

FOREX
  • September CPI data came in at the top-end of analyst expectations, with Y/Y CPI rising to 5.4%, the joint highest rate since 2008. The release was initially met with a wave of USD buying, putting most major pairs under pressure. This pattern reversed into the London close however as the US curve flattened considerably thanks to outperformance in longer-end bonds. This undermined the greenback into the close, putting the USD at the bottom of the G10 pile.
  • Scandi currencies were the outperformers, with persistent strength in energy prices buoying the NOK while markets pre-positioned for the Swedish CPI release on tomorrow.
  • Earnings season continues Thursday after the disappointing start from JP Morgan, with names including Morgan Stanley, Citigroup, Bank of America and Wells Fargo on the docket for Thursday.
  • Australian jobs data is expected to show a a loss of 110k jobs over September, while more inflation data from China and the US is scheduled. Central bank speakers include BoE's Tenreyro, Fed's Bullard and Bostic as well as ECB's Knot.
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