How Will USD React To The US PPI?
The US PPI will come out on Thursday, May 12, at 15:30 MT time.
Natural Resources Issues is Hot Topic: Thursday News
Issues with commodities are becoming more and more crucial, countries are discussing possible ways to solve this problem.
Sanctions against Russia have forced traders to fear shortages in energy, grains, and metals. OPEC+ agreed to stick to plans of a modest increase in production in April. The organization ignored calls to increase oil supply even as prices rise to multi-year highs. XBR jumped to $118 a barrel.
Powell, in his speech to US lawmakers, backed the Fed's measured interest rate hike and inflation vigilance, while pointing out that the world's largest economy could handle higher borrowing costs. He has spoken out in support of a quarter-point Fed rate hike later this month. He also pointed out that the central bank may have to take tougher action if price pressure does not start to ease. USD is fluctuating.
Japan led the Asian stock index while Chinese tech stocks lagged.
European futures fell and US contracts remained firm after a broad rally on Wednesday that lifted the S&P 500 and the Nasdaq 100. EURUSD pair reacted actively with going up and down and then stabilized.
The Bank of Canada raised its key interest rate for the first time since cutting the base rate to near zero at the start of the COVID-19 pandemic to curb inflation, which is likely to continue rising from the current three-decade decade. USDCAD dropped to 1.2600.
Have a good trading day!
Similar
Will CPI push USD higher?
The US CPI will come out on Wednesday, May 11, at 15:30 MT time (GMT+3).
Will oil change the trend after OPEC meetings?
Representatives from 15 oil-rich nations attend OPEC meetings. They discuss a range of issues regarding energy markets and, most importantly, agree on how much oil they will produce.
Latest news
Will New Zealand’s Central Bank Boost the NZD?
The Reserve Bank of New Zealand will publish a monetary policy report and make an update on the interest rate on May 25, at 05:00 GMT+3.
What’s New with Australian Unemployment Rate?
The Australian Bureau of Statistics will announce the updated Unemployment Rate and Employment Change data on Thursday, May 19, at 04:30 MT.
Can the UK CPI surprise?
The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.
