US stocks opened lower today as investors await tomorrow's key inflation data, which is expected to provide more clarity on the Fed's monetary policy path for Q4 2024. The headline CPI is forecast to soften to 2.5% in August, which could influence the Fed's decision-making. In response, the dollar index edged higher, reaching 101.7, while the 10-year US Treasury yield dipped slightly, trading at 3.67%. In the UK, unemployment figures improved, falling from 4.2% to 4.1% between May and July. At the same time, the number of payrolled employees dropped slightly by 6,000 between June and July but remains up by 203,000 compared to the same period last year.
Another day of lacklustre moves was seen across the base metals complex today, as markets were looking for lower levels. A lack of appetite below the current support levels resulted in moderate losses on the day. In particular, aluminium fluctuated around the $2,350/t level, struggling to break completely below it. Likewise, copper hesitated below the $9,000/t, remaining above it at $9,026/t. Nickel breached a fundamental support level at $16,000/t; the next robust support level is at $15,600/t.
Gold edged higher, trading at $2,508/oz, as markets seek more clarity on the scale of potential interest rate cuts. Silver remained steady at $28.3/oz. Meanwhile, oil prices continued their decline, with WTI at $66.2/bbl and Brent crude at $69.5/bbl.
All price data is from 10.09.2024 as of 17:30
