Unexpectedly high and wide US CPI data increases likelihood of 1% Fed rate hike.
The Japanese Yen is the weakest major currency right now. Japan’s chief cabinet secretary has expressed concern over the renewed rapid weakening in the Yen.The Bank of Canada raised its Overnight Rate by 1.00%, higher than the 0.75% hike which had been widely expected. This has caused some minor strength in the Canadian Dollar.Australian employment data came in much stronger than expected, with the headline unemployment rate falling from 3.9% to 3.5%, a much lower level than the 3.8% which had been expected.Stock markets and commodities continue to look mostly weak on risk-off market sentiment, with Gold/USD reaching a new 1-year low yesterday.There will be a release of US PPI data later today.Daily new coronavirus cases globally rose again for the third consecutive week, caused by the omicron subvariant BA5.It is estimated that 66.5% of the world’s population has received at least one dose of a coronavirus vaccination, while approximately 7.1% of the global population is confirmed to have contracted the virus at some time, although the true number is highly likely to be much larger. Total confirmed new coronavirus cases worldwide stand at over 564.2 million with an average case fatality rate of 1.13%. The rate of new coronavirus infections appears to now be significantly increasing in Bolivia, Belgium, Bulgaria, Croatia, Honduras, Montenegro, North Macedonia, Peru, Albania, Brunei, Cyprus, France, Guatemala, Italy, Japan, Mexico, New Zealand, Paraguay, Switzerland, and Tunisia.
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