A look at Friday morning’s market action
Global markets were moving sideways ahead of crucial U.S. monthly jobs data later this morning that could signal whether the Federal Reserve would soon follow interest rate cuts made by the Bank of Canada and the European Cent ral Bank this week.
“Whatever today jobs data says, the Fed isn’t expected to cut rates when it meets next week,” Ipek Ozkardeskaya, senior analyst at Swissquote Bank, wrote in a note. “The Fed members sounded very cautious regarding their inflation expectations, therefore the new dot plot will probably show one or maximum two rate cuts on average this year – down from 3 expected rate cuts at the latest plot.”
Brent crude futures were last down 0.3 per cent to US$79.57 a barrel while U.S. West Texas Intermediate crude futures rose 0.2 per cent to US$75.68.
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