The dollar made a steady start to the week in Asia on Monday but stayed below Friday peaks, as currency traders seek a path between markets’ volatile rate projections and central bankers vowing a wait-and-see approach despite surging inflation. The next big test of faith in the Federal Reserve’s insistence on patience looms on Wednesday when U.S. inflation data is expected to show consumer growth running hot.
U.S. consumer prices on Wednesday are expected to show price pressures running at the hottest pace in three decades amid supply-chain bottlenecks and higher energy, according to Bloomberg Intelligence.
The October and November CPI numbers “are super important considerations to which way the Fed is going to go,” Mahjabeen Zaman, senior investment specialist at Citigroup, said on Bloomberg Radio. “We are of the view that there is upside risk in both these CPI numbers and as a result, there is actually a risk the Fed might actually accelerate the pace of asset purchases.”
Further on the economic front, China posted a record monthly trade surplus in October as exports surged, underscoring support for the Chinese economy that’s slowed sharply in recent months. In the U.S., the House on Friday passed the biggest U.S. infrastructure package in decades.
Elsewhere, oil advanced as traders weighed the odds of a release of crude from the U.S. Strategic Petroleum Reserve after OPEC+ resisted a plea from President Joe Biden to boost supplies more quickly. Bitcoin is trading around $66,000.
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Errante is the trading name used by Notely Trading Ltd, an Investment Firm authorized and regulated by the Cyprus Securities and Exchange Commission (CySec) under license number [383/20]. Errante is governed by the Markets of Financial Instruments Directive (MiFID II) of the European Union.
Notely Trading Limited is an Investment Firm authorized and regulated by the Cyprus Securities and Exchange Commission (CySec) under license number 383/20, registration number HE394425 and with registered office at 30 Karpenisiou, 1077 Nicosia, Cyprus. The Company is governed by the Markets of Financial Instruments Directive (MiFID II) of the European Union.
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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 65.00% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.Read our Risk Disclosure.
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