- Gold prices fell amid lower US Treasury yields and a strong US Dollar. The US 10-year Treasury note yields 4.451% and is down nearly 4 basis points (bps) from its opening level. The US Dollar Index (DXY), which tracks the Greenback's performance against six other currencies, falls 0.20% to 105.00.
- The US Bureau of Labor Statistics (BLS) reported that the Producer Price Index (PPI) increased by 0.5% MoM, surpassing the forecasted 0.3% rise. Similarly, the core PPI, which excludes food and energy prices, also rose by 0.5%, beating the expected 0.2% increase. Both figures were significantly higher than March's decline of 0.1% in both general and underlying inflation, indicating a jump in producer prices.
- April’s Consumer Price Index (CPI) is projected to remain unchanged compared to March’s reading at 0.4% MoM. The core CPI is expected to resume its lower trend from 0.4% in March to 0.3% MoM.
- Further data will be featured during the week, led by Retail Sales on May 15, Initial Jobless Claims, and Industrial Production on May 16.
- The New York Federal Reserve released its monthly Survey of Consumer Expectations on Monday, showing that the year's inflation expectations increased to 3.3% vs. 3% in March. The data came after the University of Michigan Consumer Sentiment poll showed that inflation expectations for a one-year outlook rose from 3.2% to 3.5%.
- Interest rate cut expectations toward the end of the year remain at 35 basis points (bps), according to data provided by the Chicago Board of Trade (CBOT).
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