Daily Alert – Friday 30th June 2023: Inflation still untamed

Mark NugentDaily Alert, June 2023

Daily Alert – Friday 30th June 2023: Inflation still untamed

Good evening.

Thursday and Friday have shown that central bankers still have work to do.

Core PCE, the Fed’s favoured measure of inflation came in at 4.6%, only marginally below the prior month’s number of 4.7%.

In the Eurozone, Core Inflation was 5.4%, an increase on the prior month’s 5.3%.

GDP in the UK for Q1 was an anaemic 0.1%. Very poor.

Despite all this, and the increased likelihood of more hikes, equities are buoyant as we exit the week distinctly risk-on.

My WTI trade was taken out at breakeven. I considered getting back in like I did recently with Trade 22. As it is the last day of the month and I have had no losers, I decided against it. Needless to say, the price is rising. Oh well, it was never my money in the first place.

Have a great weekend. I will be back on Monday.

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