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Crude Oil Prices Stifled by Chinese Economic Data & Stronger USD

June 15, 2023

Via: DailyFX

Crude oil remains relatively depressed this Thursday morning after a drop yesterday post-FOMC. The Federal Reserve decided to keep rates on hold; however, central bank guidance was rather hawkish considering the lead up to the announcement was on the bearish side after US CPI and PPI data showed slowing inflationary pressures. The revised dot plot now reflects two further rate hikes for the year but money markets are yet to price this in (refer to table below) with possibly one additional rate hike expected. Incoming data will be required for further clarity around the stat of the US economy.

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