Japan Nominates Reflationist Economists to BOJ Board, Signaling Policy Shift 
U.S. Stocks Rally as Nvidia Earnings Loom, Oil Prices Near Seven-Month Highs 
Gold Prices Steady in Asia, Set for Strong February Gains on Safe-Haven Demand 
USITC to Review Impact of Revoking China’s PNTR Status, Potentially Raising Tariffs on Chinese Imports 
U.S.-Canada Trade Talks Resume as Trump Administration Reviews USMCA 
Strait of Hormuz LNG Crisis Triggers Global Energy Market Shock 
Trump Warns Iran as Gulf Conflict Disrupts Oil Markets and Global Trade 
Bank of Korea Holds Interest Rate at 2.50% as Growth Outlook Improves Amid AI Chip Boom 
Australian Dollar Rallies on Hawkish RBA Outlook; Yen Slips as BOJ Faces Political Pressure 
Asian Stocks Rise on Nvidia Earnings Boost; Yen Weakens as BOJ Rate Outlook Clouds 
Tokyo Core Inflation Slows Below 2%, Complicating BOJ Rate Hike Outlook 
Dominican Republic Unveils Massive Rare Earth Deposits to Boost High-Tech and Energy Sectors 
PBOC Scraps FX Risk Reserves to Curb Rapid Yuan Appreciation 
Gold Prices Rally in February as Geopolitical Risks and Economic Uncertainty Boost Safe-Haven Demand 
US dollar index is trading in a narrow range between 106.33 and 106.96 in past one week due to mixed US economic data.
As of November 14, 2024, the Producer Price Index (PPI) showed no change from the previous month, while the core PPI rose by 0.2%. Jobless claims slightly improved, with initial claims falling to 221,000 but continuing claims rising to 1.892 million. Retail sales increased by 0.4% in October, exceeding expectations, while industrial production fell by 0.3%. Consumer sentiment declined to 70.5, suggesting people are becoming more cautious. Inflation expectations hit a four-year low, indicating easing price pressures. Overall, the economy shows mixed signals, with strength in retail but weakness in production and claims. These trends will be important for policymakers moving forward.
Recent reports on the Consumer Price Index (CPI) and Producer Price Index (PPI) have changed expectations for a Federal Reserve rate cut. The chance of a rate cut in December has increased to about 80%, up from around 60% beforehand. Traders widely believe the Fed will lower interest rates by 25 basis points. This development shows growing confidence that the Fed will respond to the economic data. Overall, the situation suggests a likely move towards easing monetary policy.
Next week, several countries are set to announce their estimates for October consumer inflation
Canadian CPI Data
Release Date: Tuesday, November 19, 2024.
UK CPI Data
Release Date: Wednesday, November 20, 2024.
