Markets track Wall Street advance - 16.1.2025

The Dollar weakening continues today. The live dollar index data show the ICE US Dollar index, a measure of the dollar’s strength against a basket of six rival currencies, declined 0.1% on Wednesday.

GBP/USD reversed its retreating while EUR/USD reversed climbing yesterday after inflation data indicated price rises cooled in Britain last month. Pound is lower against the dollar currently while euro is up. USD/JPY reversed its advancing while AUD/USD accelerated its climbing on Wednesday with the yen higher still against the Greenback currently and the Australian dollar lower.

The US stock index futures are up currently ahead of unemployment benefits and retail sales reports at 14:30 CET today. US stocks surged on Wednesday with the three main US stock benchmarks recording daily gains in a range from 1.65% to 2.45% after Bureau of Labor Statistics report which showed the consumer price index (CPI) rose in line with expectations but core inflation, which excludes food and energy prices, rose by 3.2%, below forecasts for 3.3%.

European stock indexes are higher currently after closing up on Wednesday after official data showed UK inflation slowed to 2.5% in December. Asian stock indexes futures are rising currently with Australia’s S&P/ASX 200 All Ordinaries index leading gains while Australian Bureau of Statistics released a strong December jobs report.

Brent is edging down presently. Prices retraced up on Wednesday as the Energy Information Administration reported U.S. crude oil inventories fell last week to their lowest since 2022 as exports rose and imports fell while gasoline inventories rose more than expected. The US oil benchmark West Texas Intermediate (WTI) futures surged 3.28% but are lower currently. Brent crude rose 2.64% to $82.03 a barrel on Wednesday.