{"id":31881,"date":"2022-07-13T20:37:00","date_gmt":"2022-07-13T19:37:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=31881"},"modified":"2022-07-14T20:44:17","modified_gmt":"2022-07-14T19:44:17","slug":"market-wrap-cpi-report-hits-new-high","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/market-wrap-cpi-report-hits-new-high\/","title":{"rendered":"Market Wrap &#8211; CPI Report Hits New High"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"31881\" class=\"elementor elementor-31881\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<div class=\"elementor-inner\">\n\t\t\t\t<div class=\"elementor-section-wrap\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-bf589a8 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bf589a8\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t\t\t<div class=\"elementor-row\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7410fc2\" data-id=\"7410fc2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-column-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t<div class=\"elementor-widget-wrap\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2f512fc elementor-widget elementor-widget-text-editor\" data-id=\"2f512fc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-text-editor elementor-clearfix\">\n\t\t\t\t<p>US CPI came in much stronger than expected with a 1.3 percent monthly rises. The report came on the back of a recent warning from the White House about a record CPI number.<\/p><p>The Consumer Price Index in the United States also rose 9.1 percent from a year ago, a 40-year high that defied expectations of moderating price pressures.<\/p><p>Today\u2019s report further highlighted that food, rent and <a href=\"https:\/\/bit.ly\/3yauXYD\" target=\"_blank\" rel=\"noopener\">gasoline<\/a> were among the categories that recorded the biggest increases, further squeezing the American consumer.<\/p><p>In terms of the market reaction, it has been relatively muted. The <a href=\"https:\/\/bit.ly\/3tzpfOh\" target=\"_blank\" rel=\"noopener\">DXY<\/a> briefly strengthen but gave back a portion of its gains, while the major US indices remain in the red.<\/p><p>Markets also got another shock today as the Bank of Canada hiked interest rates by 100 basis points today. This brings the official rate from 1.50% to 2.50%.<\/p><p>In the policy statement, the Bank of Canada did pare back language that said it is &#8220;prepared to act more forcefully&#8221; and explicitly said this is front loading.<\/p><p>That market is now pricing in a slightly higher peak at 3.75%.\u00a0In terms of market reaction, the US dollar has dropped by around 100 points to 1.2940 against the <a href=\"http:\/\/bit.ly\/334hUb4\" target=\"_blank\" rel=\"noopener\">Canadian dollar<\/a>.<\/p><p>Downside momentum builds in the <a href=\"https:\/\/bit.ly\/3xXeisy\" target=\"_blank\" rel=\"noopener\">oil <\/a>market following the recent days, today\u2019s data showed that crude oil inventories saw a surprise build of 3.254M vs an expected drawdown of -0.154M estimate.<\/p><p>The report showed that distillates build of 2.668 million vs. 1.591 million estimates, a Gas build of 5.825M vs expectations of -0.357M estimates, refinery utilization 0.400% vs. expected 0.3%. Previously -0.5%, and crude production 12.0 million vs. 12.1 million since last week.<\/p><p>Oil news involving Saudi Arabia is also moving markets, it appears sensitive to the appearance of sacrificing a principled stand on human rights for cheaper energy, the president does not plan to announce any oil deal during his stop in Jeddah.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>US CPI came in much stronger than expected with a 1.3 percent monthly rises. The report came on the back of a recent warning from the White House about a record CPI number. The Consumer Price Index in the United States also rose 9.1 percent from a year ago, a 40-year high that defied expectations [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":16626,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[421,605,42,101,107],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v17.6 (Yoast SEO v20.11) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Market Wrap - CPI Report Hits New High - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/market-wrap-cpi-report-hits-new-high\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Market Wrap - CPI Report Hits New High Market Wrap - CPI Report Hits New High\" \/>\n<meta property=\"og:description\" content=\"US CPI came in much stronger than expected with a 1.3 percent monthly rises. The report came on the back of a recent warning from the White House about a record CPI number.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/market-wrap-cpi-report-hits-new-high\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-13T19:37:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-07-14T19:44:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/10\/GettyImages-1341830603.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"509\" \/>\n\t<meta property=\"og:image:height\" content=\"296\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Market Wrap - CPI Report Hits New High Market Wrap - CPI Report Hits New High\" \/>\n<meta name=\"twitter:description\" content=\"US CPI came in much stronger than expected with a 1.3 percent monthly rises. 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