The Day Ahead: Top 3 Things to Watch

12/10/2017 20:23:54 Stock Market

Investing.com – Here’s a preview of the top 3 things that could rock markets tomorrow

US inflation and jobs data on tap

Market participants look ahead to the release of inflation data due Friday to assess whether the recent uptick in concerns over the slow pace of inflation is justified.

Analysts forecast overall inflation measured by the consumer price index rose by 0.2% in September from the prior month and 1.8% compared with a year earlier.

Ahead of the inflation data St. Louis Fed President James Bullard warned on Thursday that the central bank should stop raising rates until the pace of inflation improves.

"If you are going to have an inflation target you should defend it. If you say you are going to hit the inflation target then you should try to hit it and maintain credibility," Bullard said in an interview with Reuters.

The inflation report will be followed by an update on retail sales growth expected to show an improvement in September to 1.7% from the previous month.

Ahead of duo of reports, the dollar rose against its rivals.

Bitcoin $100m market cap coming soon?

Bitcoin was the main mover and shaker in Thursday’s session as it surged above $5,000 for the first time in its history on rumours that China will reverse its decision to ban domestic bitcoin exchanges.

The record setting day for the popular digital currency saw its market cap jump 10% to nearly $90m, leaving it within touching distance of an unprecedented $100m market cap.

Bitcoin has proved resilient in the wake of criticism from governments and investment banking CEOs alike. Russian President Vladimir Putin on Tuesday said "buyers of cryptocurrencies could be involved in unlawful activities."

Eurozone Inflation in Focus

Both Germany and Italy are slated to release inflation data for September amid expectations that the European Central Bank will soon announce plans to taper its ultra-accommodative monetary policy measures.

Economists forecast German inflation growth to remain unchanged from the previous month at 0.1% while Italian inflation is expected to have slowed by 0.3% in September.

EUR/USD traded at $1.1839, down 0.16%, on Thursday.

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