Dollar steady after U S inflation data misses estimates reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
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Federal Reserve Chair Jerome Powell said the price increases seen in the economy recently are bigger than expected but reiterated that they will likely wane.
“A pretty substantial part, or perhaps all of the overshoot in inflation comes from categories that are directly affected by the re-opening of the economy such as used cars and trucks,” Powell said Tuesday in response to a question before the House Select Subcommittee on the Coronavirus Crisis.
But the Fed chair acknowledged the uncertainty around that view.
Federal Reserve Chair Jerome Powell
Bloomberg News
“I will say that these effects have been larger than we expected and they may turn out to be more persistent than we expected.”
Gold Price Forecast: XAU/USD recaptures $1780 amid cautious market mood fxstreet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from fxstreet.com Daily Mail and Mail on Sunday newspapers.
6/22/2021 9:37:29 PM GMT | By Anil Panchal
AUD/USD bulls take a breather following two-day uptrend.
Fedspeak returns to normal, fades last week’s hawkish rhetoric.
Sino-American trade deal updates, US stimulus and Delta Plus woes got lesser attention.
Activity numbers to decorate calendar, risk catalysts become the key for fresh impulse.
AUD/USD begins Wednesday’s Asian session with a pullback to 0.7543, around 0.7551 by the press time, after rising for two consecutive days. While the latest moves could be termed as consolidation the earlier run-up takes clues from the US Federal Reserve (Fed) official’s comments, mainly by Chairman Jerome Powell.
6/22/2021 11:38:25 PM GMT | By Ross J Burland
Silver is firming at critical support and bulls look to the 38.2% Fibo and prior structure.
Fed speakers dampened the hawkish theme at the Fed, weighs on the US dollar.
At the time of writing, silver is firmer around the daily bullish dynamic trendline support and trades 0.14% higher on the day so far.
XAG/USD is trading at 425.80 and has travelled in a tight range between $25.77 and $25.81.
Silver, however, was on the back foot on Tuesday with XAG/USD down at $25.77 after losing the $26 handle and dropping to a low of $25.69.
Industrials were under pressure with both iron ore and copper lagging the general commodities complex. Further concerns of government intervention weighed on iron ore prices.