Forex Today: British Inflation Up At 11.1%
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Inflation is in the spotlight today as British CPI overshoots and markets await the release of new Canadian CPI numbers.
- UK CPI (inflation) data has just come in higher than expected at 11.1% compared to the anticipated 10.7%. This is the highest annualized rate of inflation seen in the UK since October 1981. Markets are awaiting a release of Canadian CPI data later today.
- Towards the end of yesterday’s New York session, a missile struck an area of Poland close to the Ukrainian border killing two civilians, with initial support suggesting it was a Russian missile that had gone off-target. However, it now seems most likely, according to President Biden and NATO sources, that it was a Ukrainian air defense missile that missed its target.
- US PPI data showed a lower-than-expected month-on-month increase of only 0.2%, compared to the 0.4% which had been expected. This is in line with the lower-than-expected US CPI data which was released last week, and supports a less hawkish Fed scenario and therefore a weaker US Dollar.
- In the Forex market, the US Dollar is continuing to sell off. Over the short term, the Euro is the strongest major currency, and the Japanese Yen is the weakest.
- UK unemployment data released yesterday showed a slightly smaller rise in unemployment than had been expected.
- Australian wage price index data released yesterday came in almost exactly as had been widely expected.
- Today will see releases of US retail sales data and the Governor of the Bank of England testifying before the British Parliament.
- Daily new global coronavirus cases dropped last week, continuing a downward trend that began last July.
- It is estimated that 68.2% of the world’s population has received at least one dose of a coronavirus vaccination.
- Total confirmed new coronavirus cases worldwide stand at over 641 million with an average case fatality rate of 1.03%.
- The rate of new coronavirus infections appears to now be significantly increased only in Japan and China.
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