Forex Today: After US CPI, attention turns to the FOMC – by MSalordFX DollarIndex Currencies Fed
decision, more US inflation data is due with the Producer Price Index.Wall Street cheered US inflation data as the Dow Jones gained 0.43% and the S&P 500 climbed 0.69%. Risk-on flows weighed on government bonds, causing them to decline and boosting yields, despite the inflation data. Asian and European markets also finished higher, supported by signs of stimulus from China.rate dropped in the US to 4% in May, below the expected 4.1%, reaching the lowest level since March 2021.
US Treasury yields initially dropped following the CPI report but rebounded sharply. Similarly, yields in Europe also increased. The Japanese Yen reversed and suffered important daily losses across the board. USD/JPY rose for the fourth consecutive day, climbing above 140.00. On Friday, the Bank of Japan will have its monetary policy meeting. reached weekly highs near 1.0820 but pulled back under 1.0800. It ended with gains and the trend is up, but it is facing resistance.
The Pound outperformed on Tuesday following a better-than-expected UK employment report. Later on the day, BoE's Bailey said data show the labour market is "very tight". The UK will report Industrial Production and GDP data on Wednesday. GBP/USD posted the highest close in a month above 1.2600 and is looking at May highs. EUR/GBP erased most of Monday's gains, falling to the 0.8550 area.
The decision from the People's Bank of China to ease short-term policy rates helped commodity currencies only modestly. These currencies pulled back during the American session, despite
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