US inflation data for May is the week's major economic event, and any miss of expectations could prompt significant market volatility
US inflation data for May is the week’s major economic event, and any miss of expectations could prompt significant market volatilityThe JSE looks set to start to mostly weaker Asian markets on Friday morning, with investors having reasons to sit on the sidelines ahead of a key US inflation report later.
“Markets have been tying themselves up in knots over this all week, thanks to a thin data calendar,” said Oanda senior market analyst Jeffrey Halley in a note. US markets were facing a binary outcome regarding the data, and lower than expected inflation should allow investors to pare their expectations about next week’s Federal Reserve announcement, he said.
The JSE fell almost 1.5% on Thursday, with precious metals miners under particular pressure, and the local bourse will need to add about 2,000 points on Friday, or 2.9%, to reach last week’s close.
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