Dollar firm as inflation test looms

SYDNEY – The dollar started the week with support as traders bet U.S. inflation data and appearances from several Federal Reserve officials would bolster the case for higher interest rates.

After dipping on Friday, the greenback stood around its 200-day moving average against the euro at $1.1357 in early Asia trade on Monday. It firmed slightly on the yen to 115.65, fairly close to last week’s five-year high of 116.35 per dollar.

Trade in the Asia session was thinned by a holiday in Japan.

HOW INFLATION WILL IMPACT YOUR 2022 TAXES

Federal Reserve chair Jerome Powell and governor Lael Brainard testify before Senate committees this week regarding their nominations as chair and deputy chair at the Fed.

U.S. inflation figures are due on Wednesday, with headline CPI seen climbing to a red-hot 7% year-on-year.

The dollar started the week with support as traders bet

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Biden touts Americans have ‘more money in their pockets’ but voters say president making inflation worse

President Biden is highlighting that Americans have more money in their pockets than they did a year ago. 

But a new FOX Business poll indicates that voters’ concerns about inflation are surging, and many are blaming the president’s policies for making matters worse.

Showcasing that “Americans are back at work at a record-setting pace,” Biden said in a statement on Thursday that “families have more money in their pockets: Americans on average have about $100 more in their pockets each month than they did last year, after accounting for inflation.”

JOBLESS CLAIMS TICK UP LAST WEEK AMID UNEVEN ECONOMIC RECOVERY

The president’s comments came as he touted new government statistics showing that the average number of Americans filing unemployment claims over the past four weeks is now at its lowest level since 1969.  

“When I took office,

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Fox Business Poll: Voters think Biden is making inflation worse

Voters are worried about inflation — and they think the White House is making it worse. 

A new Fox Business poll finds that when it comes to rising prices, twice as many think the Biden administration’s actions are hurting rather than helping.

In addition, by a 25-point margin, voters believe President Biden’s proposed social spending plan would push inflation higher and by 6 points they think it would hurt the economy. 

“One thing the president has going for him is low expectations,” says Democratic pollster Chris Anderson, who along with Republican counterpart Daron Shaw, conducts Fox polls. “If the spending plans start to have positive impacts in people’s lives, maybe some will reconsider their view of Biden.”

TOM COTTON MOCKS BIDEN ADMIN CLAIM THAT INFLATION IS FAULT OF ‘MEAT CONGLOMERATES’

About 4 in 10 say inflation is the biggest issue facing the

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Dow dives 650 points after Powell’s omicron, inflation warning

U.S. stocks finished in the red on Tuesday after Federal Reserve Chair Jerome Powell warned the omicron variant could result in a faster path to tapering. 

The Dow Jones Industrial average tumbled over 650 points, or 1.8%, while the S&P 500 and Nasdaq Composite slipped 1.9% and 1.5%, respectively. 

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 34483.72 -652.22 -1.86%
SP500 S&P 500 4567 -88.27 -1.90%
I:COMP NASDAQ COMPOSITE INDEX 15537.690666 -245.14 -1.55%

Powell told members of Congress that the omicron variant could mean policymakers may need to speed up the pace of previously outlined tapering plans. He also noted the U.S. will get a clearer picture on the variant in about ten days. 

On inflation, he said removing

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Fed’s inflation gauge hits fresh new 31-yr significant as prices continue to soar

Yearly inflation is managing at the best rate in additional than a few many years as common source shortages, extraordinarily higher customer demand from customers and climbing wages fuel promptly increasing cost improves.

Price ranges soared by 5% in the 12 months as a result of Oct, according to the Individual Intake Expenditures cost index info unveiled Wednesday morning. That topped the previous month’s estimates, turning out to be the quickest rate increase given that November 1990

Excluding the much more-volatile measurements of foodstuff and vitality, charges rose 4.1% in October from the prior calendar year – the greatest considering the fact that January 1991. That measurement is the Federal Reserve’s preferred gauge to monitor inflation their target range is around 2%. 

FED TO

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