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European session review: USD strengthens as U.S. bond yields rise on inflation worries
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | Germany | Factory Orders s.a. (MoM) | August | 4.9% | -2.1% | -7.7% |
| 08:30 | United Kingdom | PMI Construction | September | 55.2 | 54 | 52.6 |
| 09:00 | Eurozone | Retail Sales (MoM) | August | -2.6% | 0.8% | 0.3% |
| 09:00 | Eurozone | Retail Sales (YoY) | August | 3.1% | 0.4% | 0% |
USD strengthened against other major currencies in the European session on Wednesday, as the U.S. Treasury yields rose, as soaring global energy prices heightened inflation concerns.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, increased 0.41% to 94.36.
Oil prices rose to the highest levels in seven years amid a continuing rally in global energy prices, fuelling worries about rising inflation and the possibility of a quicker-than-expected withdrawal of the central banks’ stimulus to combat it.
In response to the anticipated energy-induced inflation, longer-dated U.S. yields rose. The 10-year Treasury yields were trading at 1.548% in the morning, compared to 1.529% at yesterday’s close and 1.465% at Friday’s close.
Investors also prepared for a crucial September jobs report, which will be published on Friday and may strengthen the case for the Federal Reserve to begin winding back its ultra-accommodative monetary policy.
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