Today is one of the days with the lowest volatility for the week. Activity will increase only in the afternoon, with the opening of the US stock market. However, investors are likely to take a wait-and-see position until tomorrow, when the US Federal Reserve holds a meeting.
In the morning, the biggest point of interest was the Core Consumer Price index in Japan, which in October was only 0.5%, not meeting the expectations of investors. Inflation remains low despite the Bank of Japan's efforts to stimulate the Japanese economy. Therefore, the JPY remains under pressure, given also the optimism in the market. At the same time, the Nikkei index reached its highest level in a year as investors bought shares of semiconductor manufacturers at reduced prices.
In the afternoon, we expect the publication of an index of pending sales in the US real estate market for September, as well as an the index of consumer confidence. Previous reports on the real estate market were disappointing and had a negative impact on the value of the USD. Therefore, today, there is a high probability that the dollar will remain under pressure. Late in the evening, it is traditionally expected to receive data on oil reserves in the United States. The reduction of oil reserves could cause a significant increase in the price of the black gold, which is now under pressure precisely because of fears of an imbalance between supply and demand on the market.
