Forex Today: US Dollar’s doom and gloom – by ValBednarik EURUSD XAUUSD CryptoCurrencies Inflation Fed
The US Dollar collapsed following the release of the According to the Bureau of Labor Statistics, the Consumer Price Index rose by 7.1% on a yearly basis in November, easing from 7.7% in October. In the same period, core CPI, which excludes volatile food and energy prices, rose by 6%, below the 6.1% expected.will slow the pace of tightening and maybe announce the end of the current tightening cycle.
The EUR/USD pair hovers around 1.0620 after peaking at 1.0672. GBP/USD, in the meantime, trades at 1.2350, ahead of the UK November Consumer Price Index. The Australian Dollar holds on to substantial gains vs the USD, with the pair trading at around 0.6850. USD/CAD is down to 1.3540.OPEC trimmed its forecast
for oil demand by 140,000 bpd for the current quarter, citing slowing activity in China. OPEC also cut Q1 2023 forecast by 410,000 bpd.Spot gold peaked at $1,824.53 a troy ounce, now hovering around $1,810.00.hike rates by 50 bps and could anticipate the end of the tightening cycle. Chairman Jerome Powell has anticipated there’s a good chance the central bank will slow the pace of tightening as soon as in this meeting, and the encouraging inflation outcome for sure exacerbated the idea.
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