Currently, the devaluation of money is anything but frightening, after all, the slump in oil prices causes low inflation rates in the short term. In the early morning, for example, China reported a drop in the inflation rate from 4.3 percent (March) to 3.3 percent (April). In the afternoon, current data on US inflation will be released in April (2.30 p.m.). According to a survey of analysts published by Trading Economics, this should have decreased from 1.5 to 0.4 percent. This would be relatively far from the Fed’s desired value of two percent. Speaking of the Fed, five US central bankers will speak up during the day. It will therefore be interesting to see whether they can give the gold price new impetus through their statements.
Oil price: recovery tendency is stalling
The fear of a new Covid-19 wave of infection and the associated drop in demand slowed the recovery tendency of the fossil fuel. The enormous forecast uncertainty regarding the oil price can be seen particularly well in the increased CBOE oil volatility index. Since the turn of the year, it has multiplied from 28.3 to 110 percent. The weekly report of the American Petroleum Institute on the oil stocks stored in the USA, which is scheduled to be published at 10.30 p.m. and could have a significant impact on the further trend of the oil price, should now attract more attention.