Daily Alert – Wednesday 14th June 2023: US CPI declines, Fed pause looking certain

Mark NugentDaily Alert, June 2023

Daily Alert – Wednesday 14th June 2023: US CPI declines, Fed pause looking certain

Good morning.

Monday’s risk-on sentiment continued into Tuesday.

US inflation showed a modest fall to 5.3% year-on-year. The Fedwatch tool now has a 92% chance of there being no hike at tonight’s Fed meeting, up from the low 70s yesterday. If this comes to pass, we should see risk equities, oil and commodity currencies getting a bit of a boost. Or it may be priced in already. You never can tell.

In the UK, monthly GDP for April came in at 0.2%, returning the UK economy to its pre-pandemic size.

I went long on WTI via a pending order, as suggested in Monday and Tuesday’s video. So far, it’s doing quite nicely.

That’s it from me. All eyes on the Fed at 7pm UK-time.

I’ll be back tomorrow.

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