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16/7/2008 − the current market sentiment
Wed, Jul 16 2008, 13:50 GMT
by Walid Salah El Din
The greenback could have support from the Oil prices easing lower than 140$ per barrel. The US CPI data has come higher than the market expectations showing strong inflation upside risks in US in this same time of struggling growth. US CPI June y/y came at 5% and the market was expecting 4.5% and the core figure which excludes the food and energy has come at 2.4% and the market was waiting for 2.3%. The data can add more gains to the greenback as it shows the increased inflation pressure on the Fed to consider rate hiking in the face of this building inflation in US.
We wait now to listen to Ben Bernanke's semi annual monetary policy testify at the house and the recent meeting minutes of the Fed on 25 June when it has kept the interest rate unchanged at 2%. His earlier comments this week were dovish regarding the financial market performance and the current growth downside risks in US in this time of high oil and commodities prices which erode the fed easing stimulating policy to spur investment and demand.
Best wishes
FX Consultant
Walid Salah El Din
E-Mail: mail@fx-recommends.com
Published on Wed, Jul 16 2008, 13:55 GMT
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