US dollar index gains ground, as investors await the U.S. inflation report – Daily Market Brief, August 10, 2022

Today’s U.S. Consumer Price Index report is likely to reveal that decades-high inflation moderated in July following two 75-basis point hikes by the Federal Reserve in June and July.

The safe-haven dollar inched higher on Tuesday, recovering previous losses as risk appetite faded ahead of critical inflation data that could provide hints as to how aggressively the Federal Reserve would raise interest rates in September as predicted.

The U.S. dollar reversed course as U.S. stock markets fell in response to profit warnings, global inflationary concerns, and data indicating that U.S. worker productivity fell sharply in the second quarter. 

Key Factors for Today

– Most Asian equities were in the red after the poor handover from the US.
– Futures for European equities imply a marginally weaker opening.
– Chinese inflation figures fell short of expectations
– G10 currency pairs are rangebound before the US CPI

Coming Up 

– German CPI
– Supply from Germany & US
– Speeches from BoE’s Pill, Fed’s Evans & Kashkari
– Earnings from Disney, Honda, Fox, Aviva & Evonik

7.92 million Tesla shares worth $6.88 billion were sold by Elon Musk.

Elon Musk, the CEO of Tesla, sold 7.92 million Tesla shares for about $6.88 billion, according to several financial documents released Tuesday evening. His transactions occurred between August 5 and 9, after Tesla’s 2022 annual shareholder meeting in Austin, Texas, on August 4. Tesla and SpaceX’s CEO said he had “no additional TSLA sales planned” after April 28.

Private oil inventory survey reveals higher-than-expected build

After reports that Russian crude shipments via the southern leg of a major pipeline to Europe may resume in a few days after being suspended, crude prices were slightly down yesterday. The prospect of Iranian oil returning to the market has an impact on trading as well. After receiving a final text of the agreement from European Union diplomats, the US and Iran have only a few weeks to determine if they want to revive their nuclear agreement.

German inflation rate drops again

Inflation in Germany was 7.5% in July 2022, as measured by the change in the consumer price index from the previous year. Although the rate of inflation was slightly lower, it remained around the same level. Inflation was 7.6 per cent in June 2022 and 7.9 per cent in May 2022. Price increases for energy items are still the primary cause of rising inflation.

Covid infections rise in China, leading to partial lockdowns in Xinjiang.

Authorities in Xinjiang, a region in northwest China, issued some partial lockdowns as China continues to struggle to properly restrict the spread of Covid19. Xinjiang has been categorized into 45 high-risk zones, 34 medium-risk areas, and 9 low-risk areas by the authorities. These various degrees have led to the implementation of quarantine procedures. Areas of the city of Urumqi have been completely closed.

Disclaimer: This article is not investment advice or an investment recommendation and should not be considered as such. The information above is not an invitation to trade and it does not guarantee or predict future performance. The investor is solely responsible for the risk of their decisions. The analysis and commentary presented do not include any consideration of your personal investment objectives, financial circumstances, or needs.

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