EUR/USD tumbles towards 1.0500 on risk-aversion and mixed US data By christianborjon EURUSD Majors Macroeconomics Fed CPI
timations and opened the door for an aggressive Fed tightening cycle. At 1.0521, the EUR/USD trades near three-week lows, down 0.82% during the North American session.Risk-aversion struck the markets following the release of May’s Consumer Price Index , which is getting closer to hitting 9% YoY after stabilizing for two months at around 8.3%. In the same report, the core CPI, which excludes volatile items like food and energy, increased by 6% YoY, higher than the 5.9%.
Analysts at Capital Economics wrote, “The surge in energy prices this month means that headline inflation will remain close to 8.6% in June. Together with the continued strength of the latest activity data, that bolsters the argument of the hawks at the Fed to continue the series of 50bps rate hikes into September and beyond, or even to step up the size of rate hikes at coming meetings.”
Late in the day, the University of Michigan reported June’s consumer sentiment preliminary numbers. The survey plunged to 50.2, lower than the 58.4 in May, showing consumer pessimism. Additionally, inflation expectations uptick to 5.4% from 5.3% in the previous study.
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