Markets:
Feels are made the next day in the markets. The release of the CPI stopped the US dollar աճ yield growth, but did not cause any major backlash. Now we are Stuck in no one 's soil, below the latest top levels. A second-class eco-calendar could not inspire. The US Federal Reserve is already known. The US Treasury is still slightly underestimating the threshold of the German Bunds $ 30 billion worth of bonds sold tonight which completes the US Treasury Department's semi-annual refinancing operation after selling a 3-year stellar 10-year solid note. US Yield on a daily basis increases by 0.2 f / s (2 years) to 2 bits / s (20 years). German Yield 0.4 fps (2 years) increases to 1.6 bits / s (10 years). The 10-year yield against Germany narrows by 2 f / s.
Major foreign exchange markets have shown such fatigue. EUR / USD traded in the 1.1725-1.1745 trading range after breaking support at 1.1704 yesterday. If anything, the balance shifts to the dram at the beginning of US transactions. We claim that the dollar will probably be preserved on the eve of the Exxon Hall symposium at the end of the month. EUR / GBP is trading in a similarly narrow range (0.8460-0.8480). The UK's second-quarter GDP (4.8% Q / Q) outperformed expectations, failing to pick up momentum. Post The BoE move is currently blocked by EUR / GBP 0.8470 support. Intensive testing continues, but the support zone still remains.
News headlines.
The Turkish Central Bank left its policy rate unchanged at 19% for the fifth month in a row. The CTRB thus resisted pressure from Turkish President Erdogan, who wanted to see interest rates cut in July or August. The Central Bank had no alternative, as Turkish inflation rose to 18.95% year-on-year in July.e CTRB has promised to maintain positive interest rates. The policy statement does not hint at the next interest rate step. However, if the base effects subside by the end of the year and inflation comes out, political pressure will probably leave the central bank with no choice but to ease policy. Over the years, disobedience to Turkish President Erdogan has turned out to be reading your way out as head of the central bank. In the short term, the Turkish lira gained from the persistence of the CTRB. EUR / TRY traded at 10.06 as compared to yesterday's close at 10.14.
The International Energy Agency cut global oil demand forecasts by 100,000 barrels per day in 2021 and raised the 2022 forecast by 200,000 barrels per day. Oil demand will then return to pre-epidemic highs in the 202nd half. The short-term decline is due to the economic impact of the Covid-19 Delta version:. The combination suggests that global demand will no longer significantly exceed supply. In a separate report, OPEC improved estimates of supply growth for non-cartel partners for both 2021 and 2022 (+840 thousand barrels / day). The price of Brent oil has risen to $ 71 / north of the stock exchange. Oil prices fell briefly yesterday after the United States called on OPEC + to return oil to the market faster.
Inflation in US producer prices increased by 1% M / M և 7.8% Y / Y, The fastest annual rate in a little over the last decade. High commodity prices, transportation costs և supply barriers remain a problem that increases the cost pressure on companies. Almost 75% of the July PPI growth reflects a record 1.1% increase in services. Core PPI, excluding volatile components of food էներգ energy trade, increased by 0.9% M / M և 6.1% Y / Y. Last week, the weekly claims of the unemployed in the US fell to 375 thousand Slightly higher than 368k, but confirms the optimistic news from last month's salary. Ongoing claims have fallen to 2866 thousand rubles, which is the lowest level since mid-March last year.
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