596 days ago
UK inflation accelerated more than expected last month to 10.1%, the highest in 40 years, intensifying a squeeze on consumers and adding to pressure for action from the government and Bank of England. The pound slid following the release.
601 days ago
UK GDP figures published this morning show the economy contracted by 0.1%, less than the 0.3% contraction expected. It is a deceleration from its expansion of 0.8% in the first quarter. It suggests growth is stalling as consumers face rising costs of living due to inflation and rising interest rates. The GBP fell slightly against the USD in response. The GBPUSD pair remains in a downward trend in a range of 1.2060 and 1.2255.
602 days ago
The dollar weakness deteriorated against major peers, in particular against the Swiss Franc. Softer US consumer prices yesterday and another softer producers prices this afternoon confirming a reduction in inflationary pressures in the US greatly undermined the appeal of the dollar as traders now expect a less hawkish message from the Fed.
603 days ago
EURUSD soared more than 1% as dollar softness deteriorated. The dollar plummeted after the publication of the US inflation number, which came in below estimates. A softer print suggests we might be past peak inflation and this could take off pressure from the Federal Reserve to raise rates further, a move that would reduce the appetite for the dollar.
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604 days ago
Oil is reversing an earlier decline after Russia said oil exports to Europe via one of its pipeline had been suspended since early August, reviving concerns about tight supplies. Later today we will hear about EIA Short-Term Energy Outlook and API Weekly Crude Oil Stock. On a technical perspective, it remains on a downtrend, with a resistance at around USD93.50 and some support at around dollar 87.5 pb.
