US Inflation Data Remain in Focus

Forex News

Today's US inflation data will be closely monitored by the markets. The consumer price index is expected to grow from 1.9% to 2.3% this month. It is also expected, that the core indicator will grow, but much more modestly by 0.1%, from 1.7% to 1.8%. Data on retail sales will be published together with the CPI indicators.

The British pound was under pressure on Thursday after talks between David Davis and Michel Barnier did not bring the expected success. But still, the currency recovered after the announcement that the EU is ready to offer a two-year transition period, during which, Britain will be able to remain in a single market and in a customs union.

Oil prices are rising amid a decline in production and stocks of raw materials in the US and an increase in imports to China. Oil Brent and WTI grew by about 2% today. According to the Energy Information Agency (EIA), the US crude oil inventories fell by 2.7 million barrels last week, to 462.22 million barrels. The oil production decreased by 81.000 barrels per day, to 9.48 million barrels per day.