by Joerg Bernhard
According to the FedWatch tool of the futures exchange operator CME Group, there is currently a probability of almost 90 percent for such a scenario, after a value of only 78 percent was displayed here a week ago. However, higher US yields weighed on market sentiment. While securities with a term of ten years have recorded an increase in yields to 3.81 percent pa, short-term bonds with a remaining term of six months are currently earning 5.34 percent. This means that slightly positive real yields are now possible in the short-term maturities segment, after all the inflation rate in the USA fell from 4.9 percent in April to 4.0 percent in May. Before today’s interest rate decision, market players will find out how US producer prices have developed. According to a survey of analysts published by Trading Economics, these are said to have increased in price by 2.9 percent (April: 3.1 percent) compared to the previous year.
On Wednesday morning, the gold price presented itself with slightly recovered quotations. By 7:00 a.m. (CEST), the most actively traded futures on gold (August) was up 3.50 to $1,962.10 per troy ounce.
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Crude oil: IEA monthly report ante portas
Although the American Petroleum Institute report released Tuesday evening showed an unexpected inventory gain of 1.0 million barrels, the oil price was relatively stable. In the further course of the day, the IEA monthly report (10:00 a.m.) and the weekly report of the US energy authority Energy Information Administration (4:30 p.m.) on the development of storage reserves and production figures are likely to cause increased tension.
On Wednesday morning, the oil price presented itself with quotes held. As of around 7:00 a.m. ET, the next-dated WTI future was up 0.03 to $69.45, while its Brent counterpart was up 0.12 to $74.41.
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