US stocks advance, dollar eases ahead of US data

Equity benchmarks were seen higher during the London session today, while the USD continues to slide, although only modestly so far.

On Wednesday, the Atlanta Fed President Raphael Bostic said he is now looking for growth of 7% in 2021 and inflation for the year to be 3.4%, and with this in mind, he expects the Fed’s benchmark interest rate will need to increase in the latter half of next year. 

He was one of the seven governors who wanted to raise rates in 2020 at the last week’s FOMC meeting.

Later in the day, the BoE policy meeting is due, with investors not expecting any changes to monetary policy. However, the following statement will be closely watched to see whether the central bank is ready to consider raising rates anytime soon. 

During the US session, US jobless claims will be released, along with durable goods orders. The orders are expected to improve notably on a monthly basis, which might give the USD a boost.

Meanwhile, oil is on its way toward 75 USD, with the WTI benchmark trading just 2% below this important resistance. 

Source: https://www.axiory.com/market-news/us-stocks-advance-dollar-eases-ahead-of-us-data