The big news this morning is UK CPI print - survey 2.1% YoY headline and 3.6% YoY core - actual numbers came in at the time of writing and have been top side misses, not good news for those betting on rate cuts sooner rather than later. Actual headline came in at 2.3% and core YoY at 3.6%. Off the back of this, we have seen cable rally to ~1.2750 as an immediate resistance.
The kiwi dollar jumped (USDNZD at 1.63 currently) and bond yield rose after the RBNZ signalled that cuts may start later in 2025 and kept the rate unchanged for 7th meeting in a row.
NVIDIA also announce earnings after the bell today and stock investors are preparing for a spike in volatility. NVIDIA are expected to have a strong earnings report as AI demand continues to show strength. The S&P500 has crept to another record (currently 5321) - its 24th record this year - which has been strongly driven by anticipation of NVIDIA's numbers.
Later on today we also have US existing home sales data and Fed minutes.
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