Top-tier events and London buses have something in common – sometimes the wait is long, and then two come simultaneously.
A fresh read on US inflation may ease fears triggered by the strong Nonfarm Payrolls. Any Federal Reserve's rate cut signals are at the center of its decision. BoJ officials are likely to weigh on the Yen after weak GDP, raising intervention risks. US PPI and consumer confidence data may trigger opportunities to go contrarian.
On the other hand, that same NFP also showed a significant increase in jobs, of 272,000. One certainty about Powell is that he will say that the Fed is data-dependent. Specific comments about the CPI report will be of interest – and it may unleash some pent-up pressures related to the report. That would add to volatility. All in all, the dot plot will likely trigger the initial reaction, and further moves will depend on the statement on Powell – and what happened earlier in the CPI.
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