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Dollar in Narrow Range as Fed Officials Continue to Downplay Inflation Fears

Dollar in Narrow Range as Fed Officials Continue to Downplay Inflation Fears By Investing.com

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© Reuters.

By Yasin Ebrahim

Investing.com – The dollar continued to trade in a narrow range Tuesday, as Federal Reserve officials continued to downplay inflation fears, suggesting accommodative monetary policy will continue as the economy remains far from its goals. 

The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, fell by 0.15% to 89.86.

“While the level of inflation in my near-term outlook has moved somewhat higher, my expectation for the contour of inflation moving back towards its underlying trend in the period beyond the reopening remains broadly unchanged,” said Federal Reserve Governor Lael Brainard.

Data on Friday showed the personal consumption expenditures, or PCE, index, the Federal Reserve’s preferred inflation measure, rose 3.1% in the 12 months through April.

The move had a subdued effect on bond yields, which remain steady, adding to downside pressure in the dollar.

But the rapid pace of inflation is not something the Fed can afford to ignore for long, and the central bank will likely be forced to ramp up its inflation forecasts when it rolls out its updated projections at the June meeting later this month.

“[T]he magnitude of the increase has set inflation to run on a higher year-over-year path for the balance of the year … the FOMC will once again need to revise upward its 2021 forecast for core PCE at its June meeting,” Morgan Stanley (NYSE:) said in a note.

Fed officials have already signaled that the Federal Reserve is preparing to begin discussion on trimming its bond purchases amid signs a stronger-than-expected recovery.

The May ISM Manufacturing Index rose to 61.2 from 60.7 in April, boosted by rising commodity costs and higher prices. That was above economists’ forecast for a reading of 61.0.

Still, the Federal Reserve appears in no rush to rein in its current policy measures as unemployment remains above pre-pandemic levels.

“Today employment remains far from our goal,” Brainard added. “Jobs are down by over 8 million relative to their pre-pandemic level, and the shortfall is over 10 million jobs if we take into account the secular job growth that would have occurred over the past year.”

The jobs numbers for May due Friday will give traders another window into the strength of the labor market following a weak report for April.

“At present, consensus shows a rise of 653,000 payrolls in May, following a 266,000 gain the month prior, with the unemployment rate expected to decline from 6.1% to 5.9%, and average hourly earnings expected to increase 0.2% in May and 1.6% over the past 12 months,” Stifel said in note.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



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Mexico

Mexico

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© Reuters. A woman speaks on the phone outside a money exchange office in Ciudad Juarez, Mexico, July 1, 2017. Picture taken July 1, 2017. REUTERS/Jose Luis Gonzalez/Files

MEXICO CITY (Reuters) – Remittances to Mexico jumped almost 40% in April, posting the sharpest increase in nearly two decades after taking a hit at the outset of the coronavirus pandemic last year, Mexican central bank data showed on Tuesday.

The cash sent from abroad reached $4.05 billion in April, a rise of 39.1% from $2.91 billion the same month in 2020, when uncertainty sparked by the pandemic dented the flow of transfers. The percentage jump was the biggest since 2003.

Mexicans abroad, mostly in the United States where the economy has benefited from stimulus measures, began increasing aid to families after the April 2020 dip.

Those transfers drove remittances to new heights, including the March 2021 record of $4.15 billion.

Mexico’s economy has depended heavily on remittances as President Andres Manuel Lopez Obrador struggles to deliver on promises to energize growth.

Mexico is currently on track to surpass its record 2020 year for remittances, after the sum increased 19.1% in the first four months of 2021 compared with the year-earlier period.

Analysts from bank Banorte estimated that remittances could be up 10% at year’s end.

“The conditions that have supported the recovery of the United States economy remain in place, which in turn are beneficial for the outlook on remittances,” Banorte said in a report.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



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Dollar Weakens; Monthly Payrolls Data Eyed

Dollar Weakens; Monthly Payrolls Data Eyed By Investing.com

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© Reuters

By Peter Nurse

Investing.com – The dollar weakened in early European trade Tuesday, slipping to multi-month lows against many of its peers, as traders look to the release of closely-watched data later in the week for clues surrounding the Federal Reserve’s policy thinking.

At 2:55 AM ET (0755 GMT), the , which tracks the greenback against a basket of six other currencies, was down 0.2% at 89.820, falling back below 90 from as high as 90.447 on Friday, when the Fed’s favorite measure of U.S. inflation posted a sharper rise than expected.

traded largely flat at 1.2224, not far from a near five-month high of 1.2266 touched last week, while fell 0.1% to 109.50, after climbing as high as 110.20 on Friday. 

The greenback received some support Friday when as measured by the personal consumption expenditures price index, a measure closely watched by the Federal Reserve, rose 3.1% from a year earlier. This was above expectations of a rise of 2.9% year-on-year in April, way above the Fed’s nominal target of 2%.

However, this help was minor, despite the hot inflation reading, as government bond yields were mostly lower heading into the Memorial Day weekend.

Fed officials have repeatedly stated that they expect price pressures to be transitory and monetary stimulus to stay in place for some time, especially as the labor market, while improving, remains far below the levels of employment seen before the start of the pandemic.

Vice Chair Randal Quarles and Governor Lael Brainard will both be speaking at separate events later Tuesday, but it’s the nonfarm payrolls numbers on Friday which will attract the most attention this week, especially after the much-weaker-than-expected reading a month ago.

“Our team expects a slightly lower than consensus increase at +500k (consensus around 650k) as labor supply fails to keep pace with increasing demand,” said analysts at ING, in a research note. “These kinds of lower-than-consensus numbers could be the story for the next two to four months and could continue to take the sting out of the Fed tapering debate.”

Elsewhere, rose 0.2% to 1.4232, after earlier rising as high as 1.4247, breaching a February peak to reach the strongest since April 2018, continuing to benefit from the U.K.’s advanced pace of vaccination which suggests a quick move towards normalisation, and potentially policy tightening.

fell 0.1% to 1.2050, near a six-year low, as the market also begins to expect the Bank of Canada to be one of the first western central bank’s to be tightening its monetary policies. 

was up 0.1% at 0.7743, with this risk-sensitive currency gaining even as the kept the cash rate and three-year yield target at 0.10% earlier Tuesday, as expected. 

The central bank said it will make a decision in July on whether to extend the yield target and undertake further quantitative easing, with a weeklong shutdown in the nation’s second-largest city, Melbourne, adding a layer of uncertainty to the outlook.

rose 0.1% to 6.3731, with the Chinese yuan retreating from Monday’s three-year high of 6.3526, after were forced by the People’s Bank of China to hold more foreign currencies in reserve for the first time in more than a decade in order to stem the surge in the Chinese currency.

 



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Dollar Down as Investors Digest the Curbing of Yuan, Await Key U.S. Economic Data

Dollar Down as Investors Digest the Curbing of Yuan, Await Key U.S. Economic Data By Investing.com

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© Reuters.

By Gina Lee

Investing.com – The dollar was down on Wednesday morning in Asia after China tightened its banks’ forex requirements to curb the appreciation of the yuan. Investors also await key U.S. economic data to gauge the country’s economic outlook.

The that tracks the greenback against a basket of other currencies edged down 0.21% to 89.808 by 1:26 AM ET (5:26 AM GMT).

The pair inched up 0.05% to 6.3717. were forced by the People’s Bank of China to hold more foreign currencies in reserve for the first time in more than a decade in order to stem the yuan’s surge.

The pair inched down 0.03% to 109.51.

The pair inched up 0.10% to 0.7742 as the handed down its policy decision and kept its interest rates unchanged at 0.10%. The pair inched up 0.08% to 0.7274.

The pair edged up 0.19% to 1.4236.

Investors are still digesting data released during the previous week that said the increased 3.1% year-on-year in April, above the Fed’s 2% target and the argest annual gain since 1992.

Trimmed measures of inflation, which eliminate the most extreme price changes, show the U.S. has no inflation problem, and markets will need to unwind some of the expectation for near-term policy tightening, which will weigh on the dollar, said Joseph Capurso, a strategist at the Commonwealth Bank of Australia (OTC:).

Fed Vice Chair Randal Quarles and Fed Governor Lael Brainard are due to speak later in the day.

On the data front, investors now await U.S. data, including and the in May, due to be released on Friday.

The U.S. shows no inflation problem without considering trimmed measures of inflation, and investors don’t need to be concerned about an earlier-than-expected policy tightening, which will weigh on the dollar, Commonwealth Bank of Australia strategist Joseph Capurso told Reuters.

Meanwhile, the global economic recovery from Covid-19 will provide an additional headwind, according to Capurso.

“The world economy is clearly recovering, and that is going to be bad for the U.S. dollar because it’s a counter-cyclical currency…The U.S. dollar has been pretty heavy in the last few weeks, and I think it keeps trending lower,” he told Reuters.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



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Pound Climbs to Three-Year High as Vaccines Spur Growth Hopes

Pound Climbs to Three-Year High as Vaccines Spur Growth Hopes By Bloomberg

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Pound Climbs to Three-Year High as Vaccines Spur Growth Hopes

(Bloomberg) — The pound rallied to a three-year high as traders bet the U.K.’s economic recovery will gain traction with the rollout of coronavirus vaccines.

Sterling gained as much as 0.3% to $1.4248, breaching a February peak to reach the strongest since April 2018. Three-fourths of the U.K. population will be covered with a two-dose vaccine in one month should the current pace of inoculations continue, according to data collected by Bloomberg News and Johns Hopkins University.

Read: U.K. Economic Optimism Hits Highest Since 2016 as Lockdown Eases

“The pound is favored because the progress of vaccination puts the U.K. closer to an economic normalization than other countries,” said Toshiya Yamauchi, chief manager for foreign-exchange margin trading at Ueda Harlow Ltd. in Tokyo. “Sterling could climb toward $1.45.”

Cable’s ascent reflects the U.K.’s relative success in containing the pandemic, with the authorities planning to fully reopen the economy on June 21. While the discovery of a highly transmissible variant of the virus originating from India poses a risk, Prime Minister Boris Johnson said there is no conclusive reason to delay the easing of the lockdown.

©2021 Bloomberg L.P.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



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Dollar in doldrums as traders ponder Fed policy path; sterling soars By Reuters

Dollar in doldrums as traders ponder Fed policy path; sterling soars By Reuters

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© Reuters. FILE PHOTO: Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. REUTERS/Rick Wilking/File Photo

By Kevin Buckland

TOKYO (Reuters) – The dollar languished near multi-month lows versus major peers on Tuesday as traders pondered the prospects for early policy normalization by the Federal Reserve ahead of a key jobs report at the end of the week.

The British pound rallied to a three-month peak at $1.425 while Canada’s hovered near a six-year top, amid market expectations for policy tightening in those countries.

Australia’s dollar rose for a second day to as high as $0.77605 ahead of a central bank announcement at 0430 GMT on Tuesday, although economists predict no change to monetary policy.

The offshore edged back toward a three-year high of 6.3526 per dollar reached Monday, last trading at 6.3640, paring a retreat spurred by the monetary authority’s tightening of banks’ FX requirements to stem the currency’s rise.

The , which tracks the greenback against six peers, was back below 90 from as high as 90.447 on Friday, when a measure of U.S. inflation closely watched by the Fed posted its biggest annual rise since 1992. The gauge sank 0.3% on Monday, in a market thinned by U.S. and British holidays.

Fed officials, led by Chair Jerome Powell, have said repeatedly they expect price pressures to be transitory and monetary stimulus to stay in place for some time, but investors are wary that a strong pandemic recovery could force the Fed’s hand.

Vice Chair Randal Quarles and Governor Lael Brainard will both be speaking at separate events on Tuesday, while nonfarm payrolls numbers on Friday will be even more closely scrutinized than usual after the much-weaker-than-expected reading a month ago.

Commonwealth Bank of Australia (OTC:) strategist Joseph Capurso says that trimmed measures of inflation, which eliminate the most extreme price changes, show the U.S. has no inflation problem, and markets will need to unwind some of the expectation for near-term policy tightening, which will weigh on the dollar.

The global pandemic recovery will provide an additional headwind, he said.

“The world economy is clearly recovering, and that is going to be bad for the U.S. dollar because it’s a counter-cyclical currency,” Capurso said. “The U.S. dollar has been pretty heavy in the last few weeks, and I think it keeps trending lower.”

That includes a drop to $1.24 per euro by the end of this month, extending to $1.32 by the middle of next year.

The euro gained 0.1% to $1.22325 on Tuesday, not far from a nearly five-month high of $1.2266 touched last week.

The dollar fell for a second day against the yen, weakening 0.2% to 109.375. The pair had climbed as high as 110.20 on Friday, following the inflation data.

========================================================

Currency bid prices at 139 GMT

Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid

Previous Change

Session

Euro/Dollar

$1.2233 $1.2225 +0.07% +0.13% +1.2236 +1.2224

Dollar/Yen

109.3450 109.4600 -0.02% +5.95% +109.5520 +109.4400

Euro/Yen

133.76 133.95 -0.14% +5.39% +134.0000 +133.7500

Dollar/Swiss

0.8983 0.8987 -0.04% +1.54% +0.8987 +0.8981

Sterling/Dollar

1.4243 1.4215 +0.20% +4.25% +1.4248 +1.4209

Dollar/Canadian

1.2048 1.2071 -0.19% -5.38% +1.2065 +1.2047

Aussie/Dollar

0.7761 0.7728 +0.45% +0.92% +0.7762 +0.7736

NZ

Dollar/Dollar 0.7282 0.7275 +0.12% +1.43% +0.7283 +0.7270

All spots

Tokyo spots

Europe spots

Volatilities

Tokyo Forex market info from BOJ



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Ethereum rises 5% at $2,509; bitcoin firm By Reuters

Ethereum rises 5% at $2,509; bitcoin firm By Reuters

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© Reuters. FILE PHOTO: A representation of virtual currency Ethereum is seen in front of a stock graph in this illustration taken February 19, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON (Reuters) – Cryptocurrency climbed over 5% on Monday to $2,523 but remained more than 40% below a record high of above $4,300 hit earlier this month.

At 0950 GMT, it was trading up 4.1% at $2,495.69.

Larger rival, , the world’s biggest and best-known cryptocurrency, was up 0.8% at $36,987 in quiet trading with London and U.S. markets shut for holidays.

Bitcoin has been less volatile in recent days but is down by more than 35% this month, weighed by growing regulatory pressures on the sector.

It is currently trading at levels last seen in February and at roughly half its peak value of $65,000 seen in April.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



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Latest U.S. Jobless Claims Report Marred by Inaccuracy, Quirk

Dollar near 2-month high vs yen, Chinese yuan scales 3-year high By Reuters

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© Reuters. FILE PHOTO: A U.S. Dollar banknote is seen in this illustration taken May 26, 2020. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

By Hideyuki Sano

TOKYO (Reuters) – The dollar held near a two-month high against the yen on Monday after a key measure of U.S. inflation showed stronger price gains than expected, keeping alive expectations of an eventual tapering in the Federal Reserve’s asset buying.

The Chinese yuan, which has been supported by a strong economic recovery, extended a recent rally to three-year highs even as Chinese authorities appeared to try to curb its rise.

The dollar ticked down 0.2% to 109.64 yen in a trade dominated by month-end dollar selling from Japanese exporters, but stood not far from Friday’s peak of 110.20, which was its highest since early April.

The U.S. inflation data released on Friday also briefly drove the greenback higher against other currencies that day, though the currency ran out of steam ahead of a long weekend in New York and London.

The euro was little moved at $1.2203, off Friday’s low of $1.2133, while the British pound barely moved at $1.4199.

U.S. consumer prices surged in April, with a measure of underlying inflation blowing past the Federal Reserve’s 2% target and posting its largest annual gain since 1992, due to a recovery from the pandemic and various supply disruptions.

The core personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred gauge of inflation, rose 3.1% from a year ago, a tad above market expectations for a 2.9% rise.

Although the high reading was due partly to the base effect – prices were depressed in April 2020 because of strict lockdowns – and its annual rise is expected to moderate later this year, some investors remained nervous.

“If we see inflation consistently hitting above 2%, that could put upward pressure on wages. There’s risk inflation trending higher than expected,” said Masafumi Yamamoto, chief currency strategist at Mizuho Securities.

For now though, the data had limited impact on investors’ expectations that the Federal Reserve will keep the current pace of asset purchase for many months, before tapering it.

U.S. debt yields dropped in a shortened session on Friday before a long weekend as month-end buying overwhelmed data.

The dropped 2.9 basis points to 1.581%, marking the second straight month of declines after having risen sharply earlier this year on inflation fears.

But with key Fed officials now openly acknowledging the need to discuss tapering, further signs of strength in the U.S. economy, could fuel debate about tapering, analysts said.

While trade in G10 currencies was relatively calm due to a UK and U.S. market holiday on Monday, the Chinese yuan maintained its bullishness even as Beijing appears to step up its efforts to curb the currency’s strength.

State media Xinhua News on Sunday reported Sheng Songcheng, a former central bank official, said the rapid appreciation of China’s yuan against the U.S. dollar may have overshot and will not be sustainable.

“The fact that Xinhua ran the interview of the former PBOC official is interpreted as an effort to stabilise the yuan,” said Ei Kaku, senior currency strategist at Nomura Securities.

The Chinese authorities could step up efforts to prevent the yuan from rising above its 2018 highs, namely 6.2360 for the and 6.2418 for the , she added.

The offshore yuan ticked up to 6.3560 per dollar while the onshore rate rose to 6.3609 per U.S. unit.

In volatile cryptocurrencies, bitcoin dropped a tad to $34,470, edging near a one-week intraday low of $33,425 hit on Sunday. Ether fell 4% to $2,288.

was down 40% so far this month, on track for its biggest monthly fall since at least 2011, while ether has lost 17%, having moved in a wide range between $4,380 and $1,730.



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© Reuters.

Dollar Down, Signs of Slowdown in Chinese Economic Recovery By Investing.com

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© Reuters.

By Gina Lee

Investing.com – The dollar inched down, but traded near a two-month high against the yen, on Monday morning in Asia. Investors digested and strong inflation data from the U.S., while also expecting the U.S. Federal Reserve to start tapering its asset purchases eventually.

The that tracks the greenback against a basket of other currencies inched down 0.01% to 89.987 by 13:15 AM ET (5:!5 AM GMT).

The pair inched down 0.10% to 6.3612. The decreased after Sheng Songcheng, former director of People’s Bank of China statistics department, said on Sunday the rise of yuan will not persist.

The central bank separately added that the currency may depreciate in the future on the same day.

The pair edged down 0.14% to 109.66. Japanese data released earlier in the day said the for April increased by 2.5% month-on-month, surpassing March’s 1.7% but below 4.1% in forecasts prepared by investing.com. The data also said that s also increased 12.0% year-on-year, but below 15.3% in forecasts prepared by Investing.com, in April.

The pair edged up 0.19% to 0.7728, with the due to hand down its policy decision on Tuesday. The pair edged up 0.18% to 0.7260.

The pair inched up 0.06% to 1.4196.

Both the U.S. and the U.K. markets are closed amid holidays on Monday.

Data released earlier in the day said that China’s was 51.0 and the was 55 in May, both remaining above the 50-mark indicating growth. However, the manufacturing PMI was slightly below 51.1 in forecasts by Investing.com and April’s reading.

In the U.S., data released on Friday said the increased 3.1% year-on-year in April, above the 2.9% in forecasts prepared by Investing.com and 1.9% during the previous session.

The index was also above the Fed’s 2% target and posted its largest annual gain since 1992 due to the country’s recovery from COVID-19 and various supply disruptions.

“If we see inflation consistently hitting above 2%, that could put upward pressure on wages. There’s risk inflation trending higher than expected,” said Masafumi Yamamoto, chief currency strategist at Mizuho Securities, told Reuters.

However, investors widely expect that the Fed will keep its current dovish monetary policy for a few more months, possibly until the end of 2021.

The 10-year benchmark U.S. Treasuries yield dropped to 1.581%, a second month of declines following a surge earlier in 2021 due to inflation concerns.

Meanwhile, key Fed officials, including Fed vice chairman Richard Clarida, have recently said that the Fed may start tapering talks should inflation build up further.

Investors now await further U.S. economic data, including and the , due on Friday, to gauge the economic recovery.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



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© Reuters.  BlackRock Warns of More Emerging-Market Currency Sell-Offs

Bitcoin falls 5.2% to $33,849, Ether down 6.3% By Reuters

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© Reuters. FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic

(Reuters) – dipped 5.16% to $33,849.47 at 18:00 GMT on Saturday, losing $1,842.99 from its previous close.

Ether, the coin linked to the ethereum blockchain network, dropped 6.26% to $2,262.06 on Saturday, losing $151.11 from its previous close.

Bitcoin, the world’s biggest and best-known cryptocurrency, is down 47.8% from the year’s high of $64,895.22 on April 14.

It has been less volatile in the past week but losses this month have been heavy at 38%, driven by growing regulatory pressures on the sector. It is trading at levels last seen in January and at roughly half its peak value.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



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