What you need to know to operate this Wednesday December 14:
The dollar plummeted after the publication of the Consumer price index from United States. According to the Bureau of Labor Statistics, the CPI rose 7.1% annually in November, up from 7.7% in October. In the same period, the core CPI, which excludes food and energy price volatility, rose 6%, below the 6.1% forecast.
The encouraging figures fueled speculation that the Booking US Federal. it will slow the pace of tightening and perhaps herald the end of the current tightening cycle. Wall Street soared before the open, with the DJIA adding more than 600 points, but trimming most of its gains before the close. However, the dollar remained lower and near its recent multi-month lows.
The EUR/USD pair was around 1.0620 after hitting a high of 1.0672. The GBP/USD, for its part, is trading at 1.2350, awaiting the Consumer Price Index for November in the United Kingdom.
The Australian dollar maintains significant gains against the dollar, with the pair trading around 0.6850. USD/CAD falls back to 1.3540.
Crude oil prices continued to advance, with WTI trading at $75.20 a barrel. Oil rose after the OPEC cut your forecast oil demand at 140,000 barrels per day for the current quarter, citing slowing activity in China. Likewise, OPEC cut its forecasts for the first quarter of 2023 by 410,000 barrels.
The pair USD/JPY falls to 135.50, while USD/CHF trades above 0.9290.
The Prayed it peaked at $1,824.53 a troy ounce, and is now around $1,810.00.
On Wednesday, the focus will be on the US Federal Reserve. The central bank is expected raise rates 50 basis points and it could herald the end of the tightening cycle. Chairman Jerome Powell has anticipated that there is a good chance the central bank will slow the pace of tightening as soon as this meeting, and the encouraging inflation result no doubt exacerbated the idea.
Top 3 Bitcoin, Ethereum, Ripple Price Prediction: Crypto vs. Inflation
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
