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June 18, 2021
A hawkish shift from the FRS has woken up a slumbering USD, sending USD to its highest level in months and stoking expectations that an unwind of bearish positions could fuel more gains. USD was on track for its biggest two-day percentage increase against a basket of major currencies in 15 months on Thursday and stands at its highest level since mid-April, a day after the central bank shifted its first projected rate increase into 2023 in the face of surging inflation. Betting against USD has been a popular trade for months, as the Fed’s insistence that it would maintain its ultra-dovish stance despite rising inflation drove the currency to a near 3-year low earlier this year. The slightly hawkish shift in Wednesday’s statement appears to be changing that calculus; the prospect of a sooner-than-expected rise in US rates boosts the USD’s attractiveness to yield-seeking investors over currencies such as EUR and JPY. Due to USD’s central position in the global financial system, its fluctuations tend to ripple through a wide range of assets. 06/18/2021 - 01:24AM (RTTNews)
Australian dollar traded at 0.7487 U.S. cents at 9:00 am PST.
AUD fell against its most major opponents on Friday, as investors weighed the prospects of a sooner-than-expected tightening of monetary policy by the US Federal Reserve. The FRS brought forward its projections for interest rate hikes into 2023 and indicated that officials had started talks about the process for withdrawing the bond buying program. Investors are pondering the possible timing of the start of winding down the QE program. Oil prices fell amid a high USD, as the FRS penciled in two potential rate hikes in 2023, faster than projected by policymakers. 06/18/2021 - 03:02AM (RTTNews)
Euro traded at 1.1857 against USD at 9:00 am PST.
Germany's PPI increased to the highest level in twelve-and-a-half years in May. PPI increased 7.2% YoY in May, faster than the 0.8% rise seen in April. Economists had forecast an annual growth of 6.4%. This was the biggest growth since October 2008, when prices rose strongly before the financial crisis. The latest inflation was mainly due to higher prices of intermediate goods and energy. Prices for durable goods increased 1.7%. Prices for capital goods and non-durable goods rose by 1.2% and 0.5%, respectively. On a monthly basis, PPI rose to 1.5% from 0.8% in the previous month. Economists had expected a 0.7% rise. 06/18/2021 - 03:28AM (RTTNews)
British Pound traded at 1.3804 against USD at 9:00 am PST.
GBP depreciated against its major counterparts on Friday, after data showed that the nation's retail sales dropped unexpectedly in May after a sharp surge in April when retail restrictions were eased. Data from the Office for National Statistics showed that retail sales dropped 1.4% month-on-month in May, reversing a 9.2% rise in April and confounding expectations for an increase of 1.6%. Excluding auto fuel, retail sales dropped 2.1% after rising 9.1% in the previous month. Sales were forecast to climb 1.5%. Caution prevailed over the FRS’s plans to start tapering its bond purchase program and an earlier than expected tightening of monetary policy. 06/18/2021 - 04:04AM (RTTNews)
Japanese Yen traded at 110.28 per USD at 9:00 am PST.
JPY drifted higher against its major rivals on Friday, as investors digested the FRS’s hawkish shift in monetary policy, signaling earlier rate hikes and winding down of the bond purchase program to rein in inflationary pressures. Commodities fell amid a high USD in the wake of earlier-than-expected rate hikes amid faster economic growth and strong inflation. The BoJ maintained its massive monetary stimulus, as widely expected, and extended the duration of the special funding program to help struggling firms. The board voted 7-1, with 1 abstention, to hold the interest rate at -0.1% on current accounts that financial institutions maintain at the central bank. The bank will continue to purchase a necessary amount of Japanese government bonds without setting an upper limit so that 10-year JGB yields will remain at around 0%. BoJ decided to extend the duration of the Special Program to Support Financing in Response to the Novel Coronavirus by six months until the end of March 2022 with a view to continuing to support financing, mainly of firms. 06/18/2021 - 04:20AM (RTTNews)
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