Yesterday’s CPI print, showing inflation is cooling slightly, helped to turn the tide on the recent wave of US rate cuts being taken off the table. However, this was caveated by Fed officials citing upcoming uncertainty and the need for further progress to bring inflation closer to target. Risk appetite improved following the print, with renewed optimism around US equities and a rate cut in July now priced in. This sentiment spilled over into Asia trading, with equities rallying this morning.
Bitcoin is also benefiting from the improved risk sentiment, testing the $100k level yesterday and climbing almost 6% in the last few days. Oil continues to hold its powerful 2025 advance as concerns over risks to global supplies persist.
Looking ahead to today, we have European Central Bank minutes, US jobless claims data, and further earnings reports on the schedule.
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