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- European session review: USD advances as inflation concerns reemerge
European session review: USD advances as inflation concerns reemerge
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | United Kingdom | Producer Price Index - Input (YoY) | April | 6.4% | 9% | 9.9% |
| 06:00 | United Kingdom | Producer Price Index - Input (MoM) | April | 1.9% | 1.1% | 1.2% |
| 06:00 | United Kingdom | Producer Price Index - Output (MoM) | April | 0.8% | 0.5% | 0.4% |
| 06:00 | United Kingdom | Producer Price Index - Output (YoY) | April | 2.3% | 3.5% | 3.9% |
| 06:00 | United Kingdom | Retail Price Index, m/m | April | 0.3% | 0.8% | 1.4% |
| 06:00 | United Kingdom | HICP ex EFAT, Y/Y | April | 1.1% | 1.3% | |
| 06:00 | United Kingdom | Retail prices, Y/Y | April | 1.5% | 2.4% | 2.9% |
| 06:00 | United Kingdom | HICP, Y/Y | April | 0.7% | 1.4% | 1.5% |
| 06:00 | United Kingdom | HICP, m/m | April | 0.3% | 0.6% | 0.6% |
| 09:00 | Eurozone | Harmonized CPI ex EFAT, Y/Y | April | 0.9% | 0.8% | 0.7% |
| 09:00 | Eurozone | Harmonized CPI, Y/Y | April | 1.3% | 1.6% | 1.6% |
| 09:00 | Eurozone | Harmonized CPI | April | 0.9% | 0.6% | 0.6% |
USD appreciated against its major rivals in the European session on Wednesday as inflation fears resurfaced ahead of the release of minutes from the Federal Reserve's latest policy meeting (due at 18:00 GMT).
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, rose 0.23% to 89.95.
April’s bigger-than-anticipated climb in the U.S. consumer prices heightened worries last week that an acceleration in inflation could force the U.S. central bank to pull back on its monetary stimulus and hike interest rates sooner than expected. However, the Fed’s policymakers have continued to repeat their thoughts that any spike in inflation will be temporary.
Market participants will be monitoring the minutes to determine the Fed officials’ thinking on price pressures and hints on when they might begin tightening monetary policy.
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