This morning seems to greet a market that is holstering ambition in investment as political shenanigans in the United States coupled with uncertainty in economic growth in the likes of China keep markets guessing.
Everything, literally everything pales in relevance when it comes to auspicious inflation readings. Both the pound and the euro strengthened against the dollar as inflation in the UK remained at the target level making the lowering of the borrowing cost from the current 5.25% ever more plausible. In the common currency area headline inflation edged lower to 2.5% and core stayed at 2.9%.
Oil prices, its drivers and participants remain in uncommitted form as the world and its investor populace look elsewhere to place their risk capital. Clearly, the government data this afternoon is where the real story is, but the precursor of US oil stocks in the API data does not exactly show much of an effect of Hurricane Beryl and the shutting down of some the infrastructure that stood in its path.
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