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The US Dollar kept close to its weekly high after a report showed that producer prices continued to rise, suggesting that inflation is also on the rise in the US.
Inflation Rises Higher than Expected, Fed Unmoved
There are fears that inflation will be persistent, which will push the Federal Reserve to reconsider its ultra-loose monetary policy stance.
U.S. Inflation Hits 3%; Global Stock Indices Fall Sharply, Nikkei 225 at 3-Month Low; Crypto Market Cap Falls 20% but Recovers; USD Gains.
Ethereum price is hovering near its all-time high as demand for the network continues.
In monthly terms, the GDP rose by 2.1% in March, higher than expectations of 1.4% and the previous month's 0.7% increase.
Despite a slight pause, the pound has managed to hold on to its momentum against the US dollar after UK GDP data showed an unexpected rise for March, which beat analysts' expectations.
Global Stock Indices Fall on Inflation Fears; Nikkei 225 at 3-Month Low; Gold Holds Up Near 3-Month High; Ethereum Powers to New Record High.
Global Stock Indices Fall on Inflation Fears; Gold Holds Up Near 3-Month High; Bitcoin Lower, Ethereum Holds; Canadian Dollar Hits 3.5-Year High.
Monthly retail sales were mostly driven upwards by the fact that sales at restaurants and cafes hit a record high.
S&P 500 Hits New Records; Yen and Greenback Selling Off, Canadian Dollar Remains Strong; Ethereum Powers to New High; Coronavirus Retreats.
Last Friday’s release of keynote U.S. jobs data – the non-farm payrolls report – shocked the market by coming in well below expectations and sending the U.S. collar sharply lower during the remaining hours of the week’s trading session.
The US Dollar was unable to maintain positive momentum and yesterday touched a 3-day trough, largely as a result of an improvement in risk appetite.
The Bank of England announced today it expects higher growth and inflation, but the Forex market so far is unmoved.
The recession is practically over now that the majority of the Eurozone economies are reopening and consumer spending is expected to grow significantly.
Stocks Mixed; Greenback and Canadian Dollar Bid; Ethereum Hits New Record High.