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Daily Market Analysis By FXOpen
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[QUOTE="FXOpen Trader, post: 343925, member: 104606"] [B][SIZE=5]Inflation Data Sharply Strengthens the US Dollar[/SIZE][/B] [img]https://i.imgur.com/QNgmL6R.jpeg[/img] Data on consumer prices and core inflation published yesterday exceeded expectations. According to ForexFactory: → Core CPI in monthly terms: actual = 0.4%, expected = 0.3%, a month ago = 0.4%; → CPI in annual terms: actual = 3.5%, forecast was = 3.4%, previous value = 3.2% with a target value of 2%. As a result of the publication of news, market participants' expectations that the Federal Reserve will leave rates unchanged in June have sharply increased. According to the CME FedWatch Tool, before the publication of news about inflation, the probability of this was = 42.6% (that is, the majority believed that there would be a rate cut), then after the publication the probability = 83.0%. This is a dramatic change in sentiment. Speaking to Bloomberg, former US Treasury Secretary Larry Summers said cutting rates in June would be a dangerous and egregious mistake, adding: "You have to take seriously the possibility that the next rate move will be upwards rather than downward." . The reaction of financial markets was the strengthening of the US dollar in the context of tight monetary policy, the effect of which will last longer: → USD has risen in price in currency pairs — for example, USD/CHF has risen to its maximum in six months; → Bitcoin fell in price, but this morning the main cryptocurrency has already recovered from yesterday’s fall; → gold tested support at 2,320. [img]https://i.imgur.com/QxXClI2.png[/img] [B][URL="https://fxopen.com/blog/en/oa-inflation-data-sharply-strengthens-the-us-dollar/?utm_source=trendriforum&utm_medium=analysis&utm_campaign=resolve"]TO VIEW THE FULL ANALYSIS, VISIT FXOPEN BLOG[/URL][/B] [I][B]Disclaimer:[/B] This article represents the opinion of the Companies operating under the FXOpen brand only (excluding FXOpen EU). It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice. [/I] [/QUOTE]
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