Market Update

The US dollar closed with gains against most major rival currencies, although price action was choppy across the market. Economic DataThe US dollar rallied after the release of CPI data at 8.3%, higher than the estimates. The monthly figure was up 0.3% against the 0.2% expected. Finally, the annual core …

The West Texas Intermediate (WTI) for June delivery has added 1.51 US dollars to briefly touch USD 109.77 per barrel on the New York Mercantile Exchange, later in the day the American crude oil settled at USD 105.71. Oil closed with strong gains on Wednesday, reversing a prior-session selloff after …

US President Joe Biden on Wednesday criticized Republicans’ plan to combat US hot inflation, taking his speech as an opportunity to slam his opposition. Biden accused his predecessor of being responsible for the balance sheet deficit increase every single year Trump was president. “Right now, the majority of our Republican …

The USD/JPY pair is struggling around 130.00 but is likely to accelerate as the higher than expected CPI data boosts the bets of a mega rate hike by the US central bank in June. Market estimates conceived CPI at 8.1%, lower than the former reading of 8.5%. While the print …

President of the Federal Reserve Bank of St. Louis, James Bullard has commented on the latest CPI data saying that he ”won’t emphasize single inflation report too much but inflation is more persistent than many have thought.”The markets are in a freefall into the closing bell on Wall Street on …

Treasury yields have noticeably rebounded on Wednesday after US consumer price data revealed that the pace of inflation slowed in April but has not peaked as prices rose more than economists expected and ensured the Fed will go ahead with monetary policy tightening.The yield on 10-year Treasury notes rose 3.1 …

The White House’s website published a statement by US President Joe Biden, commenting on the CPI data released earlier on Wednesday. On Tuesday, in a proactive manner, Biden gave a speech on the US economic outlook, blaming high inflation on COVID-19 pandemic disruptions to the economy as well as the …

The GBP/USD pair is on the backfoot as US session risk sentiment deteriorates. Cable is down some 0.3% around 1.2272 and is extending from a high of 1.2400 to a low of 1.2263. The US dollar has moved sharply off its lows, turning positive again for the day as markets …

The gold price is some 0.8% higher and correcting from daily support located in the lows of the day at $1,832.07. At $1,853.40, gold is close to the day’s highs of $1,858.30. The markets are still focusing on Wednesday’s US inflation data as the Consumer Price Index was released earlier …

US inflation eased by less than expected in April, with an 8.3% YoY reading. The latest US data dragged Wall Street futures reflecting the market’s fears. The EUR/USD pair has resumed its decline and approaches the year low at 1.0470.The EUR/USD pair fell sharply and trades around 1.0520 following the …