Dollar deepens losses after inflation data
The US dollar fell against most currencies on Wednesday, after the release of US inflation data.
The US consumer price index rose by 0.5% in December, more than forecasts of 0.4%, and the core reading (excluding energy and food prices) rose 0.8%.
Based on the data, the US consumer price inflation rose to 7%, which is the highest level in the US since 1982.
Federal Reserve Chairman Jerome Powell said yesterday that the central bank is ready to accelerate rate hikes to ease the rising inflation.
US President Joe Biden commented on the data, saying that it is a sign of the slowdown in the pace of price increases during the past month.
The dollar index fell against a basket of major currencies by 0.7% to 94.9 points as of 19:38 GMT, after hitting a high of 95.6 points and a low of 94.9 points.
Gold rises as dollar softens after US inflation data
Gold prices rose on Wednesday, as the US dollar fell against most currencies, after the release of US inflation data.
The US consumer price index rose by 0.5% in December, more than forecasts of 0.4%, and the core reading (excluding energy and food prices) rose 0.8%.
Based on the data, the US consumer price inflation rose to 7%, which is the highest level in the US since 1982.
Federal Reserve Chairman Jerome Powell said yesterday that the central bank is ready to accelerate rate hikes to ease the rising inflation.
The dollar index fell against a basket of major currencies by 0.7% to 94.9 points as of 19:54 GMT, after hitting a high of 95.6 points and a low of 94.9 points.
Gold spot prices rose 0.5% to $1,827.9 an ounce, as of 19:55 GMT.
US crude inventories fall over 4 million barrels
The Energy Information Administration reported today that the US crude inventories fell 4.6 million barrels to 413.3 million barrels during the past week, while analysts forecast a drop by 1.6 million barrels.
Gasoline stocks rose 8 million barrels to 240.7 million barrels, and the distillate stocks rose 2.5 million barrels to 129.4 million barrels.
While the American Petroleum Institute reported yesterday in preliminary data that the US crude inventories fell 1.1 million barrels during the same period.
US stocks rise after strong data
US stock indices rose in early trading on Wednesday, after the release of upbeat economic data amid expectations of a rate hike.
The US consumer price index rose by 0.5% in December, more than forecasts of 0.4%, and the core reading (excluding energy and food prices) rose 0.8%.
Based on the data, the US consumer price inflation rose to 7%, which is the highest level in the US since 1982.
Federal Reserve Chairman Jerome Powell said yesterday that the central bank is ready to accelerate rate hikes to ease the rising inflation.
As for stocks, Dow Jones rose 0.5% or 176 points to 36,430 as of 15:14 GMT, and S&P 500 rose 0.7% or 35 points to 4,747, while Nasdaq rose 1.1% or 161 points to 15,315.