Here's what you need to know about the market on Wednesday, November 22, 2023.
On this day, some important data that is usually released on Thursday has been stepped on a day earlier following the public holiday in America tomorrow in conjunction with the "Thanksgiving" day celebration.
Previous Read Expected Data Time
20:00 MBA Mortgage Applications (Nov 17) – 2.80%
21:30 Continuing Jobless Claims (Nov 10) – 1.865M
21:30 Durable Goods Orders (Oct) -3.10% 4.6%
21:30 Durable Goods Orders ex Defense (Oct) – 5.7%
21:30 Durable Goods Orders ex Transportation (Oct) 0.10% 0.4%
21:30 Initial Jobless Claims (Nov 17) 225K 231K
21:30 Initial Jobless Claims 4-week average (Nov 17) – 220.25K
21:30 Nondefense Capital Goods Orders ex Aircraft (Oct) 0.10% 0.5%
23:00 Michigan Consumer Sentiment Index(Nov) 60.5 60.4
23:00 UoM 5-year Consumer Inflation Expectation (Nov) 3.20% 3.20%
The minutes of the meeting that was released by the Fed early this morning have given an indication that Fed committee members think that if inflation in the country continues to show an increase then interest rate hikes remain open.
However, Fed committee members will take detailed steps in evaluating the components and indicators of the labor market and the consumer market in the country.
Therefore, at this time the market estimates a 25% probability for the Fed to implement an interest rate cut in March 2024.
What is certain, the December 2023 inflation reading will give a full stop to the direction of interest rates in the country.
Based on the direction of the strength of the valuation of the world's major currencies, the US Dollar is seen to be particularly weak compared to the Japanese Yen.
