Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow
US inflation data on tap
Market participants look ahead to the release of an update on inflation for signs of improvement in the U.S. economy, which could influence the Federal Reserve’s decision on monetary policy later this month.
Analysts expect a 0.3% increase in inflation for August at the wholesale level, measured by the producer price index, compared to a 0.1% decline in the previous month.
The Federal Reserve Open Market Committee is slated to meet on Sept. 19-20 to review economic and financial conditions, and determine the appropriate stance of monetary policy.
Inflation data could offer fresh direction for the greenback which slumped to a 32-month low against its rivals last week.
Sterling awaits UK employment data
As the pound continues its recent surge higher against the greenback, hitting a one-year high on Tuesday, investors look ahead to UK labour market data due Wednesday for an insight into the strength of the UK economy.
The UK unemployment rate is expected to remain near 42-year lows while the uptick in inflation is forecast to nudge average earnings slightly higher.
GBP/USD rose 0.90% to $1.3283.
US crude oil stockpiles to rise for second straight week?
A fresh batch of inventory data from the Energy Information Administration (EIA) on Wednesday is expected to show that U.S. crude stockpiles rose for the second week in a row.
Analysts forecast crude inventories rose by about 3.2m barrels in the week ended Sept. 8.
Crude oil prices have made a positive start to the week after Opec said its output declined in August and forecast higher demand in 2018, raising investor expectations that the oil demand and supply imbalance will narrow in the second half of the year.
Crude oil futures settled at $48.23, up 16 cents, on Tuesday.