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The US Dollar strengthened further on Wednesday, buoyed by rising interest rates and anticipation of the upcoming US CPI report. The Greenback’s strength was underpinned by rising Treasury yields, which reflected growing expectations for further interest rate hikes from the Federal Reserve.
In the forex markets, the Euro weakened against the Dollar, falling below the critical 1.0500 level. The Pound Sterling, however, remained resilient, extending its recent rally and testing the 1.2780 resistance level.
The Japanese Yen weakened further, with USD/JPY surging past the 152.00 mark and challenging the 200-day Simple Moving Average. In the commodity markets, oil prices rose above $69 per barrel, supported by China’s economic stimulus measures and potential supply disruptions in Europe.
Gold prices also climbed, reaching a two-week high near $2,700, as investors sought a safe-haven asset amid rising inflationary pressures. Silver prices followed suit, extending their recent gains and trading near the $32 per ounce level.
Also Read:
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Dollar strengthens as inflation data looms
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Stock Market on Hold as Investors Brace for Inflation Data
EUR/USD Weakens on ECB Dovish Bets, US Inflation in Focus
Treasury Yields Continue to Rise Amid Inflation Data Expectations
