USD exchange rate today 11-3: The dollar recovers when US inflation data is the hottest in 40 years

At the beginning of the trading session on March 11, on the US market, the US Dollar Index (DXY) measuring the volatility of the greenback with 6 key currencies (EUR, JPY, GBP, CAD, SEK, CHF) increased by 0. ,55%, reaching 98.51.

The dollar has just witnessed a rebound after two consecutive sessions of decline, amid strong US inflation data.

Data released on Tuesday showed that the US consumer price index, a measure of inflation, rose 7.9% year-on-year in February, posting its biggest annual increase in years. 40 years. In particular, inflation is likely to continue to soar in the coming months as Russia's special military operation in Ukraine increases the cost of crude oil and other commodities.

The US Federal Reserve (Fed) is expected to raise interest rates by at least 25 basis points at its meeting next week.

“Our base scenario remains that the Fed is expected to be the most policy hawk among the developed and that,” said Bipan Rai, Head of FX Strategy North America at CIBC Capital Markets. will strongly support the greenback's rally."

Meanwhile, the euro turned back to fall again after the European Central Bank (ECB) announced that it would phase out economic stimulus measures in the third quarter. The statement from the ECB left open the possibility the possibility of raising interest rates before the end of 2022 in the context of high inflation, largely due to the influence of Russia-Ukraine tensions.

The ECB is still trailing other major central banks such as the Fed and the Bank of England in tightening post-pandemic policies, which has also placed a heavy burden on the euro.

The euro hit a 22-month low of $1.0804 at the start of the week, on concerns that the Ukraine situation will have a significant impact on European growth.

Đăng nhận xét

Mới hơn Cũ hơn