Gold Silver Reports (GSR) – Producer price inflation for July was unchanged from the previous month, with the annualized increase easing from 3.4% to 3.3%, according to data. Still, market participants were likely to remain cautious as they await the release of the more widely followed consumer price index for July.
Markets have priced in a rate hike for the Fed’s next meeting in September and the probability of an additional hike in December has been hovering around 70%. Russia condemned a new round of U.S. sanctions as illegal on Thursday and said it had begun working on retaliatory measures after news of the curbs pushed the rouble to two-year lows over fears Moscow was locked in a spiral of never-ending sanctions.
Japan’s economy expanded at an annualised rate of 1.9 percent in April-June, bouncing back from a contraction in the previous quarter, government data showed on Friday, in a sign its recovery momentum remained intact. – Neal Bhai Reports (NBR)
