The US dollar has opened the week on the backfoot despite last week’s four-decade high U.S. inflation print. Get your market update from nickcawley1 here:
The US dollar has opened the week on the backfoot despite last week’s four-decade high U.S. inflation print. The US dollar basket is around 0.50% lower today at 107.20 after having made a two-decade high of 109.03 last week. Friday’s University of Michigan’s survey showing inflation expectations easing to a one-year low set the tone for the US dollar to move lower and also changed the narrative back to a 75bp rate hike next week from a recently talked about 100bps.
Ahead this week, important UK jobs, wages, and inflation data will need to be closely watched. The UK labor market is and is expected to remain, robust, while inflation is expected to nudge ever higher. The headline annual figure, currently at 9.1%, is set to hit double-figures this year according to the Bank of England and the UK central bank may well have to hike rates by 50bps to 1.75% at the next policy meeting on August 4. The BoE has hiked rates at the last five MPC meetings.
Cable is currently testing a clutch of prior support levels turned resistance on either side of 1.1950. While cable is two big figures above last Wednesday’s multi-year low at 1.1758, the pair remains weak and in a clearly defined downtrend. There remains a lot of work for cable to do before this trend turns positive.
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