Here's what you need to know before the weekend arrives.

 

 

1. USD on track for weekly loss

 

The dollar remained weaker against the other major currencies on Friday and was on track for a weekly loss amid ongoing uncertainty over the timing of the next interest rate hike from the Federal Reserve.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies was last at 94.95 and was down 0.93% for the week.

The greenback came under renewed pressure after the European Central Bank said Thursday it had not discussed extending its quantitative easing program beyond March 2017.

 

2. Oil lower after profit taking

 

Oil prices fell on Friday as traders locked in profits after a rally in the previous session after government data showed a far larger than expected drawdown in U.S. crude inventories.

U.S. crude was down 51 cents, or 1.07%, to $47.12 a barrel during morning hours in New York, while Brent fell 50 cents, or 1%, to $49.48.

Oil prices settled more than 4% higher on Thursday after the U.S. Energy Information Administration reported that crude stocks dropped 14.5 million barrels last week to 511.4 million barrels, the largest weekly decline since January 1999.

Earlier in the week, industry group the American Petroleum Institute said that U.S. oil inventories plunged by a whopping 12.1 million barrels in the week ended September 2.

 

3. China inflation slows to weakest in nearly a year

 

Chinese consumer price inflation slowed to its weakest pace in almost a year in August, but broader inflation trends added to signs that the economy is stabilizing.

Beijing reported that the consumer price index rose 1.3% in August from a year earlier, slowing from a 1.8% annual rate in July. It was the slowest pace of inflation since October 2015.

The producer price index dropped 0.8% in August from a year earlier, the slowest pace of decline since April 2012, easing pressure on The Peoples Bank of China to step up easing measures.

 

4. Global stocks lower after ECB disappointment

 

European and Asian stock markets were lower on Friday amid ongoing disappointment over the ECB’s decision not to ease policy further at Thursday’s meeting.

U.S. stock index futures pointed to a lower open on Friday as traders awaited comments from a series of Fed speakers for further guidance on the timing of the next interest rate hike.

 

5. Gold dips, but on track for weekly gain

 

Gold dipped on Friday, but the bullion remained on track for its second successive weekly gain.

Gold futures for December delivery were down 0.16% at $1,339.35, not far from Wednesday’s three-week high of $1,350.50.

 

 

 

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