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Inflation Data from Eurozone and US Takes Center Stage

Dollar continues its struggle to find direction, and stay in familiar range against most major currencies except against Swiss Franc. Markets shift their focus to the upcoming release of April US PCE data for guidance. Currently Fed fund futures are indicating a 50/50 chance of a rate cut by September. Recent comments from Fed officials hinted at the unlikelihood of further rate hikes. However, Fed's outlook and market sentiment could shift dramatically if today's data suggests re-acceleration of inflation. But absent significant surprises, attention is likely to turn to next week's employment figures.

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Euro Rallies on Inflation Surprise, US PCE Data Bolsters Stocks

Euro Rallies on Inflation Surprise, US PCE Data Bolsters Stocks
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Treasury Yields Spike and Safe-Haven Currencies Ascend

The US financial markets were enveloped in a wave of risk aversion that continued into Asian session, primarily driven by the notable surge in Treasury yields. This uptick in yields followed an auction of seven-year debt that closed with higher than anticipated yields, raising alarms about weakening demand for US Treasuries. This concern was compounded by similar outcomes from auctions of two-year and five-year notes on Tuesday, suggesting a broader hesitation among investors.

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Swiss Franc and Yen Surge as Dollar Lags in Risk-Averse Markets

Swiss Franc and Yen Surge as Dollar Lags in Risk-Averse Markets
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Australian Dollar Strengthens Modestly on Surprising Inflation Data

Australian Dollar is having a modest bounce today after stronger-than-anticipated inflation figures. The data also revealed re-acceleration of inflation for the second consecutive month, with core inflation measures also rising. While most economists still view a further rate hike by RBA as unlikely, today's surprising data suggests that such a move can no longer be completely ruled out.

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