EUR/USD dipped to 15-month lows around 1.1470 [Video]
|US CPI data was notably higher than expected with the headline rate at 31-year highs at 6.2%.
US and global inflation concerns intensified after the data with a sharp increase in volatility across asset classes. US bond yields strengthened after the data with the 10-year yield above 1.55%.
After initial hesitation, the dollar posted sharp gains to the highest level since July 2020. EUR/USD dipped to 15-month lows around 1.1470. Sterling edged lower with global moves dominating the UK currency and GBP/USD lows around 1.3400.
Commodity currencies lost out to the strong dollar and unease over central bank policy risks. The much weaker than expected domestic jobs data pushed the Australian dollar to 1-month lows.
Inflation fears triggered strong demand for precious metals, but gains were undermined by dollar strength.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.