Globally, Oil prices moved little on Thursday, keeping to their weekly lows as markets hunkered down before key U.S. inflation data due later in the day, while a worsening outlook for crude demand kept sentiment muted. Both WTI & Brent are down nearly 6% this week. Asian stocks followed Wall Street lower and bond yields remained depressed on Thursday as investors weighed the risks of global recession amid hawkish Federal Reserve rhetoric and uncertainty about the Bank of England's commitment to stabilizing markets. The dollar held its ground against major peers as traders awaited U.S. consumer price data that could shed light on the pace of further Fed policy tightening. U.S. rates turned lower overnight after minutes from the Fed's latest policy meeting showed many officials "emphasized the cost of taking too little action to bring down inflation likely outweighed the cost of taking too much action," although several committee members said it would be important to "calibrate" the pace of further rate hikes to reduce the risk of "significant adverse effects" on the economy. The Bank of England insisted that its emergency bond market support will expire on Friday as originally announced, countering media reports of continued aid if necessary. Gold prices were steady on Thursday after rising slightly in the prior session. Spot gold rose about 0.1% to $1,673.62 an ounce. Rupee remained range bound awaiting data from US and move in dollar index. Rupee remain weak with slight support from dip in oil prices.
