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Dollar Gains Ahead of Powell's Testimony; U.K. CPI Hits 40-Year High

By Peter Nurse AiVIF.com - The U.S. dollar pushed higher in early European trade Wednesday with Fed Chair Jerome Powell expected to talk tough on inflation during his testimony...
Dollar Gains Ahead of Powell's Testimony; U.K. CPI Hits 40-Year High © Reuters.

By Peter Nurse

AiVIF.com - The U.S. dollar pushed higher in early European trade Wednesday with Fed Chair Jerome Powell expected to talk tough on inflation during his testimony to Congress, while sterling fell in wake of more elevated inflation data.

At 03:05 a.m. ET (0705 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.4% higher at 104.650.

Wednesday's main event is the start of U.S. Federal Reserve Chair Jerome Powell's two-day testimony to Congress, with investors looking for further clues about whether another 75 basis point rate hike is on the cards at the Fed's July meeting.

“The next big dollar input will be when Fed Chair Jerome Powell delivers his semi-annual monetary policy testimony to the Senate - which judging from the latest FOMC meeting should be pretty hawkish and means that any dollar downside [...] is likely to be limited,” said analysts at ING, in a note.

The Fed is poised to deliver another large rate hike at its next meeting in July, and Richmond Fed President Thomas Barkin said on Tuesday that Powell’s guidance that the U.S. central bank will most likely raise interest rates by 50 or 75 basis points in July is "reasonable."

Also helping the dollar was the news that President Biden was looking at a temporary tax holiday on gasoline, with the U.S. government set to use its fiscal leeway to ease some of the consumer pain felt by high energy prices.

“Looser fiscal policy could provide more room for central bankers to ride out the inflation storm with higher rates and a loose fiscal, tight monetary policy mix is generally good news for a currency,” said ING.

EUR/USD fell 0.5% to 1.0473, the risk-sensitive AUD/USD dropped 1.1% to 0.6895, while USD/JPY fell 0.2% to 136.31, having hit 136.71 in early trade, its highest since October 1998, with the yen weighed by the ever-widening gap between yields on Japanese government bonds and U.S. Treasuries.

Minutes from the last Bank of Japan policy meeting, released earlier Wednesday, showed that some board members were concerned about the yen's sharp declines, but they still stressed the need to maintain the BOJ's massive stimulus program to support a still-fragile economy.

Elsewhere, GBP/USD fell 0.7% to 1.2191 after inflation in Britain rose to a new 40-year high of 9.1% in May, fueled by a jump in costs for food and energy.

The Bank of England hiked interest rates for the fifth consecutive meeting last week, but this has done little so far to temper the soaring inflation, with the central bank predicting last week that inflation could reach as high as 11% in October.

Worries are growing that the country is heading towards recession, with growth weighed by a combination of high rates of inflation and increasing interest rates to combat this.

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30-06-2022 19:29:39 (UTC+7)

EUR/USD

1.0405

-0.0034 (-0.33%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

EUR/USD

1.0405

-0.0034 (-0.33%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

GBP/USD

1.2127

+0.0002 (+0.02%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

USD/JPY

136.16

-0.41 (-0.30%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (9)

AUD/USD

0.6886

+0.0004 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

USD/CAD

1.2915

+0.0024 (+0.19%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

EUR/JPY

141.68

-0.90 (-0.63%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (8)

Sell (0)

EUR/CHF

0.9959

-0.0012 (-0.12%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (6)

Gold Futures

1,803.05

-14.45 (-0.80%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (0)

Sell (10)

Silver Futures

20.350

-0.388 (-1.87%)

Summary

↑ Sell

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (2)

Sell (8)

Copper Futures

3.6915

-0.0890 (-2.35%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (9)

Crude Oil WTI Futures

108.41

-1.37 (-1.25%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (2)

Brent Oil Futures

111.31

-1.14 (-1.01%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (1)

Sell (10)

Natural Gas Futures

6.391

-0.107 (-1.65%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (3)

Sell (2)

US Coffee C Futures

229.10

+0.85 (+0.37%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (3)

Sell (5)

Euro Stoxx 50

3,434.15

-80.17 (-2.28%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

S&P 500

3,818.83

-2.72 (-0.07%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

Sell (0)

DAX

12,686.72

-316.63 (-2.43%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

FTSE 100

7,167.15

-145.17 (-1.99%)

Summary

Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (3)

Sell (4)

Hang Seng

21,859.79

-137.10 (-0.62%)

Summary

Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (3)

Sell (3)

US Small Cap 2000

1,719.37

-19.47 (-1.12%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (4)

Sell (4)

IBEX 35

8,033.42

-154.58 (-1.89%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (11)

Sell (0)

BASF SE NA O.N.

40.115

-1.465 (-3.52%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (7)

Bayer AG NA

56.62

-1.00 (-1.74%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (7)

Allianz SE VNA O.N.

181.02

-2.70 (-1.47%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (6)

Sell (0)

Adidas AG

167.80

-2.22 (-1.31%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (0)

Deutsche Lufthansa AG

5.524

-0.289 (-4.97%)

Summary

Neutral

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (4)

Sell (3)

Siemens AG Class N

98.34

-3.06 (-3.02%)

Summary

↑ Sell

Moving Avg:

Buy (4)

Sell (8)

Indicators:

Buy (1)

Sell (6)

Deutsche Bank AG

8.275

-0.296 (-3.45%)

Summary

Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (4)

Sell (1)

 EUR/USD1.0405↑ Buy
 GBP/USD1.2127↑ Buy
 USD/JPY136.16↑ Sell
 AUD/USD0.6886↑ Buy
 USD/CAD1.2915↑ Sell
 EUR/JPY141.68↑ Buy
 EUR/CHF0.9959↑ Sell
 Gold1,803.05↑ Sell
 Silver20.350↑ Sell
 Copper3.6915↑ Sell
 Crude Oil WTI108.41Neutral
 Brent Oil111.31↑ Sell
 Natural Gas6.391Neutral
 US Coffee C229.10↑ Sell
 Euro Stoxx 503,434.15↑ Buy
 S&P 5003,818.83↑ Buy
 DAX12,686.72↑ Buy
 FTSE 1007,167.15Sell
 Hang Seng21,859.79Sell
 Small Cap 20001,719.37Neutral
 IBEX 358,033.42↑ Buy
 BASF40.115↑ Sell
 Bayer56.62↑ Sell
 Allianz181.02Neutral
 Adidas167.80↑ Buy
 Lufthansa5.524Neutral
 Siemens AG98.34↑ Sell
 Deutsche Bank AG8.275Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank6,810/ 6,870
(5/ 5) # 1,764
SJC HCM6,830/ 6,890
(10/ 0) # 1,783
SJC Hanoi6,830/ 6,892
(10/ 0) # 1,785
SJC Danang6,830/ 6,892
(10/ 0) # 1,785
SJC Nhatrang6,830/ 6,892
(10/ 0) # 1,785
SJC Cantho6,830/ 6,892
(10/ 0) # 1,785
Cập nhật 30-06-2022 19:29:52
Xem lịch sử giá vàng SJC: nhấn đây!
ↀ Giá vàng thế giới
$1,804.50-14.56-0.80%
Live 24 hour Gold Chart
ʘ Giá bán lẻ xăng dầu
Sản phẩmVùng 1Vùng 2
RON 95-V33.47034.130
RON 95-III32.87033.520
E5 RON 92-II31.30031.920
DO 0.05S30.01030.610
DO 0,001S-V30.81031.420
Dầu hỏa 2-K28.78029.350
ↂ Giá dầu thô thế giới
WTI$108.40+5.224.81%
Brent$111.36+8.627.74%
$ Tỷ giá Vietcombank
Ngoại tệMua vàoBán ra
USD23.105,0023.415,00
EUR23.704,3925.032,07
GBP27.520,9428.694,87
JPY165,73175,46
KRW15,5118,90
Cập nhật lúc 18:51:16 30/06/2022
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