Michael Kramer highlights the near-term levels to watch across major stock markets, FX pairs and commodities ahead of Friday’s update to the US personal consumption expenditures (PCE) price index, reportedly the Federal Reserve’s preferred measure of inflation. Markets expect the headline reading to have risen 2.5% in the year to June, edging down from 2.6% in May. Gold prices have moved higher in the run-up to the data release, which could help traders firm up their forecasts for the timing of a Fed interest rate cut.
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