Yesterday was really great! There are many key macroeconomic data, most importantly the inflation data in the United States. On an annual basis, the CPI is 5%, lower than the expected 5.1%. The previous reading was 6%. Generally speaking, this is good news for anyone who is concerned about rising costs of living and is in line with recent trends, indicating that the peak inflation has passed.

In addition to the CPI data from the United States, we also have interest rate decisions from Canada, and there are no surprises there. The Bank of China has decided to keep the interest rate unchanged at 4.5%. However, the Canadian dollar did not benefit from this decision and became one of the weakest currencies in the market by the end of Wednesday.

The real highlight of the day was the FOMC meeting minutes released at the end of the US session. The general consensus is that if there had been no banking crisis at the time, some participants would have raised interest rates even more because the deflation process was not as fast as expected. The US dollar initially gained momentum from CPI and FOMC meeting minutes, but closed Wednesday as the weakest currency in the market. The euro reached its highest level against the US dollar since early February, while the US dollar fell to its lowest level in nearly two years against the Swiss franc.

The continued weakness of the US dollar has had a positive impact on commodity prices. Brent crude oil and WTI crude oil climbed, breaking through the bullish gap caused by OPEC+production cuts and creating a sideways trend. The sentiment towards oil is positive, as it seems that we will have to wait longer to reach the closing trend of the technical gap.

The index performed poorly on Wednesday. Most of them ended the day with an ugly meteor, which could be an invitation for greater bearish correction. Although some indices hit long-term new highs in the session, the rejection of these highs was almost immediate and very rapid. This refusal gives us a short-term selling signal.

Today's calendar is also very busy. We have received employment data from Australia, which is much better than expected. The employment growth was 53K, instead of the expected 20.8K, which is why the Australian dollar began to become the strongest currency among major currencies on Thursday. In a few minutes, we will also receive GDP data for the UK, which is expected to be 0.1%. This day will end with the PPI numbers of the United States and a speech by Bank of China President Macklem.