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8:26 AM · 17 April 2024

Economic calendar: US oil inventories, eurozone final CPI and central bankers speeches

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  • European indices are slightly higher after stock market open
  • Final CPI from Europe, EIA oil stocks and bankers' speeches
  • LVMH (MC.FR) gains more than 3% after results 

Despite Powell's hawkish speech yesterday, we are seeing the dollar weakening against most currencies today, and we can associate this with the realization of gains, after the 5 best sessions for the 'greenback' since 2022. Today we are likely to see higher volatility on GBP pairs. Inflation data from the UK turned out to be slightly higher than forecasts, and today we are facing a series of speeches by central bankers from the Bank of England, including Governor Bailey at 5 PM GMT. The market will also watch the final inflation data from the Eurozone. In general, the macro calendar is relatively poor today. LVMH's higher-than-forecast results provided only limited support to broader fashion market sentiment, except high-luxury producers such as Hermes (HRM.FR), or Christian Dior (CDI.US) which are trading up 2% and 3% respectively. In addition to data and company results, the market will also focus on oil, which is correlated with inflation dynamics and may react to US inventory data.

Macro calendar

10:00 AM GMT - Eurozone, final inflation data for March. (CPI y/y 2.4% vs. 2.4% previously, CPI m/m: 0.8% vs. 0.6% previously)

3:30 PM GMT - US, EIA oil inventories: 1.65 million barrels exp. vs. 5.84 million previously

  • Gasoline inventories: -1 million exp. vs. 0.715 million previously
  • Distillate inventories: -0.9 million exp. vs. 1.65 million previously

7 PM GMT - US, Fed Beige Book

Speeches by central bankers

  • 11:00 - ECB Cipollone
  • 15:00 - BoE Greene
  • 17:00 - ECB de Cos
  • 17:45 - ECB Schnabel
  • 18:00 - BoE governor Bailey
  • 20:00 - BoE Haskel
  • 20:00 - ECB governor, Lagarde
  • 23:30 - Fed, Mester 

Key results from US companies:

US Bancorp, Travelers, Citizens Finanial, Abbott Technologies

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