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Higher inflation numbers helps US dollar

Higher inflation numbers helps US dollar

Information is not investment advice

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Ichimoku Kinko Hyo

AUD/JPY: The pair is trading below the cloud. A downward pressure would lead the pair to exit further the cloud, confirming a bearish outlook.

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Fibonacci Levels

 XAG/USD: Silver continuous to stand above 50% retracement area. Silver has entered a consolidation phase

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EU Market View

European stock markets are seen opening lower Wednesday, as a jump in U.S. inflation raised concerns the Federal Reserve could tighten its ultra-easy monetary policies sooner than previously expected. European stocks slipped from peaks on Wednesday, as the global mood soured on increasing concerns about inflation, while travel stocks dropped on worries about the Delta variant's spread in the continent.

The dollar edged lower in early European trade Wednesday, handing back some of the previous session’s sharp gains after a jump in U.S. inflation raised expectations of an early move by the Federal Reserve to tighten monetary policy.

British inflation jumped further above the Bank of England's target in June when it hit 2.5%, its highest since August 2018 and up from 2.1% in May, putting the focus of the BoE's plan to keep its huge stimulus programme in place.

Official data showed higher prices for food, fuel, second-hand cars, clothing and footwear all pushed inflation up last month as the economy bounced back from its lockdown slump, the Office for National Statistics said.

Treasury Secretary Janet Yellen and Federal Reserve Chair Jerome Powell are slated to discuss the hot U.S. housing market and the risks it could pose to the financial system at a meeting with fellow regulators on Friday.

The aim of the closed-door session: To make sure the U.S. is not vulnerable to a crisis akin to the one it suffered more than a dozen years ago, when the bursting of a property-price bubble drove top banks to the brink of insolvency and the economy into a deep recession.

 

EU Key Point

  • AUD/NZD targets May low after RBNZ policy decisio
  • Japan May final industrial production -6.5% vs -5.9% m/m preli
  • NZD/USD higher after the RBNZ tilts more hawkish than was expected.
  • Coronavirus - Sydney to get a 2-week lockdown extension (at least) - announcement incomin
  • Singapore preliminary Q2 GDP -2.0% q/q (expected -1.8%).
  • Reuters Tankan report for July, manufacturers sentiment improved, services drop.

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