Today we expect several inflation reports. First, the consumer price index was published by France, where inflation rose by 0.1%, exceeding investors' expectations. In Germany the index rose by 0.3% in accordance with forecasts. Also, the consumer price index is expected from the US in the afternoon, while in Canada the housing price index will be published.
In addition, today the minutes of the ECB meeting will be published, and those are likely to show the ECB's commitment to the current soft monetary policy or plans to further soften it to stimulate the economy.
Gold is recovering rapidly after a decline at the beginning of the week, following the speech of Jerome Powell, who said that the Federal Reserve is ready to reduce the rate amid uncertainty in trade relations and slowing inflation.
Oil is becoming more expensive as weekly oil reserves decreased by 9.5 million barrels, while the forecast was for a 3 times less rapid reduction in reserves. Prices are also rising given the likelihood of a storm in the Gulf of Mexico, which could disrupt the smooth operation of local oil platforms. Based on these factors, oil has overcome the psychological mark of $60 per barrel of CL/WTI.
