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Dollar Steadies Before Inflation Test

The dollar was licking wounds against peer currencies on Friday after a downward revision to U.S. GDP for the first quarter suggested room for rate cuts this year, while investors braced for inflation data.
Official data showed overnight that the U.S. economy grew at an 1.3% annualized rate from January through March, down from the advance estimate of 1.6% after downward revisions to consumer spending.
The dollar index, which measures the currency against six major peers, consolidated around 104.82 after dipping as low as 104.63 overnight.
Source: Reuters

Oil Extends Decline with Supply in Focus Before OPEC+ Meeting

Oil fell for a third day as a key market gauge highlighted oversupply concerns before an OPEC+ supply meeting on Sunday.
Brent crude for August was near $82 after sliding 1.9% on Thursday, while West Texas Intermediate traded below $78 a barrel, with both headed for a monthly drop. The prompt timespread for Brent weakened into a bearish contango structure for the first time since January, indicating oversupply.
Source: Bloomberg

Asian Stocks Rise Before US, Europe Inflation Data

European stock futures were flat and Asian shares rose as traders awaited key inflation data in the region as well as the US later on Friday.
Euro Stoxx 50 futures were little changed, while contracts for US stocks slipped 0.2% after the S&P 500 fell on Thursday, driven by tech-sector losses. In Asia, stock benchmarks climbed in Hong Kong, Japan and Australia, with the MSCI Asia Pacific Index on track to gain about 2% for the month.
Source: Bloomberg

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