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Dollar Edges Higher; Inflation and Powell in Focus
The dollar edged higher in early European trade Monday with attention returning to the outlook for U.S. inflation and the Federal Reserve’s monetary policy as concerns over the global economic recovery ease.
At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 92.207, after touching a three-month top of 92.844 last week when risk aversion was at its height.
USD/JPY was largely flat at 110.16, EUR/USD fell 0.1% to 1.1867, edging back from its three-month low of $1.1781 seen last week, GBP/USD dropped 0.1% to 1.3893, while the risk-sensitive AUD/USD fell 0.2% to 0.7474, above Friday’s seven-month low of 0.7410.
European stock markets are seen opening just lower Monday, with investors starting an event-packed week on a cautious note as they seek out fresh cues.
At 2:05 AM ET (0605 GMT), the DAX futures contract in Germany traded 0.1% lower, CAC 40 futures in France dropped 0.2% and the FTSE 100 futures contract in the U.K. fell 0.1%.
The major indices in Europe ended last week with sharp gains, with the DAX in Germany climbing 1.7%, the CAC 40 in France gaining over 2% and the FTSE 100 up 1.3%, as strong advances on Wall Street and policy easing in China helped calm some of the recent anxiety over global growth.
That said, there are plenty of reasons for investors to take a watchful stance this week.
Oil prices slip as economic worries offset tightening supplies
Crude futures slipped on Monday as concerns over slowing global growth outweighed the prospect of tightening supply after talks among key producers to raise output in coming months stalled.
Brent crude for September fell 35 cents, or 0.5%, to $75.20 a barrel by 0641 GMT while U.S. West Texas Intermediate crude for August was at $74.23 a barrel, down 33 cents, or 0.4%.
The spread of coronavirus variants and unequal access to vaccines threaten the global economic recovery, finance chiefs of the G20 large economies warned on Saturday.
A Reuters tally of new COVID-19 infections shows them rising in 69 countries, with the daily rate pointing upwards since late-June and now hitting 478,000. https://graphics.reuters.com/world-coronavirus-tracker-and-maps
“We’ve not yet seen the impact but at this rate, it will hit demand sooner or later,” a Singapore-based oil trader said.
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