All Eyes Will Be On US CPI Inflation This Week

All Eyes Will Be On US CPI Inflation This Week

The continued spread of the Omicron coronavirus variant globally has buoyed safe-havens like the dollar and put pressure on riskier currencies over the past week.

Last Friday,  the Non-Farm Payrolls showed that the US economy added just 210,000 jobs in November, the unemployment rate dropped to 4.2%, its lowest since February 2020, and wages increased.

Moreover, Fed Chairman Powell said the Fed will likely discuss a faster wind-down of its stimulus program in its meeting later this month, adding to speculation that interest rate hikes would also be brought forward.

In the upcoming week, the U.S. consumer price index will release Friday.

US Consumer prices are expected to have risen 0.7% last month and 6.7% over the prior year, according to estimates. Excluding the cost of food and fuel, core inflation is projected to be 4.9% on a year-over-year basis.

We will also closely watch the US Michigan Consumer Sentiment on Friday. The data is expected to ease to 67.0 from 67.4

Moreover, the Eurozone GDP number will be published on Tuesday. Economists predict that Q3 GDP growth is at 3.7% annualized.

06 Dec 21 (Mon)

04:39 am



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