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Asian Markets Swing as US Inflation Spikes See Rate Hike Bets Soar

July 14, 2022, 04.56 PM

London, Paris, and Frankfurt opened lower.

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“The more prolonged inflation remains high, the more central banks will need to tighten, and the slower growth will become,” said SPI Asset Management’s Stephen Innes.

But while there is a general sense of gloom, eToro global markets strategist Ben Laidler said there were some “glimmers of hope” in the CPI data.

“Recent falls in super-charged oil and agricultural prices, along with a decline in airfares, provide the hope we are near the peak of headline inflation,” he said in a note, adding that inflation was “the most important number in global markets right now”.

“But early signs of easing inflation pressure give some hope of an end to dramatic interest rate hikes and stronger financial markets by Christmas.”

The Fed’s drive to tighten monetary policy continues to send the dollar higher, and on Wednesday it finally broke parity with the euro before easing slightly.

Still, an energy crisis in the eurozone and the European Central Bank’s decision to move slower in lifting rates has led commentators to forecast the single currency could fall to as low as $0.95.

The greenback also broke the 138 yen mark for the first time since late 1998 as the Bank of Japan refuses to shift from its ultra-loose monetary policies to support the country’s torpid economy.

Source: Agence France-Presse

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Source AFP


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