Stocks sink as US inflation persists

[OZER]

As a result of yesterday's US CPI report, inflation is still rising in the US, and at a higher rate than expected. The Dollar rose strongly and stocks and other risky assets were severely damaged, sending the Dollar higher.

As reported yesterday, US CPI (inflation) increased by 0.1% month-over-month when it was expected to fall, resulting in an annualized rate of 8.3%, which is slightly less than last month's 8.5%, but higher than the 8.1% expected. Markets responded positively to the data, which indicated that inflationary pressure is still present in many sectors and increased the chance of a full 1% hike at the Fed's next meeting rather than the 0.75% forecast which remains in the consensus. US Dollar strengthens as hawkish Fed sentiment intensifies, while global stock markets and other risky assets take a major hit, and the 2-Year Treasury yields reach a multi-year high at 3.8%, deepening the yield curve inversion. There was a 2% decline in the Nikkei 225 and the HSI yesterday, while the S&P 500 experienced its worst day in two years.

US Dollar gains are mostly holding on to the Forex market. As part of its preparation to intervene in favor of the Yen, the Bank of Japan carried out a rate check late in the Asian session, according to reports, following a strong rise in the USD/JPY currency pair near 145, which has become a Red Line for the Bank of Japan. This sent the USD/JPY price back below 144. A similar effort is being made by Japanese policymakers to strengthen the Yen. US Dollar still shows strong, long-term bullish trends, and we are likely to see it advance further in the days ahead, with the British Pound and commodity currencies likely to suffer.

Inflation data for the UK and US and GDP data for New Zealand will be released today. The UK data may have the greatest impact on the British Pound, as it is likely to cause volatility. Global Coronavirus case counts dropped for the eighth week in a row last week, giving hope that the pandemic is finally over. The annualized UK inflation rate is expected to be 10%.

Globally, approximately 67.8% of people have received a Coronavirus vaccine at least once, and around 7.8% are confirmed to have contracted the virus at one point, although the actual number is very likely to be much higher.  Over 614.8 million Coronavirus cases have been confirmed worldwide, with an average mortality rate of 1.06%.  As of now, Taiwan and Russia appear to be experiencing the greatest increase in Coronavirus infections.

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[foe]

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