US inflation has pushed the Dollar to new highs.
reports that the US April CPI statistics disappointed those hoping for the summary execution of the high inflation. However, while inflation is reducing, it is not declining at the rate that most people expect.
As a result, the US Dollar Index (DXY), which tracks the dollar against a basket of major rivals, intensified its rise and achieved fresh cycle highs near 104.55.
The index picks up the extra pace and extends the rally to levels last seen in December 2002 to around 104.40/50 against the backdrop of rising risk sensitivity in the global markets, plus the higher than expected inflation.
Even though the consumer price index declined for the first time in eight months; a step down from the 8.5% gain in March, it was somewhat higher than FT economists’ predictions of an 8.1% rise
US inflation dipped marginally to 8.3% in April but stayed close to March’s 40-year high of 8.5%, underscoring the urgency of the Federal Reserve’s push to stamp out inflation.
Nigeria has been removed from JPMorgan’s list of developing market sovereign recommendations that investors should be ‘overweight’ in. JPMorgan downgraded Nigeria to marketweight from overweight, indicating that the bank wants customers to reduce some risks.
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