· Dollar hit 2021 high - Oil Steady after Inflation surge
Dollar at 2021 high after hot U.S. inflation
The dollar hit 2021 highs against sterling and the euro on Thursday, while the yen was smarting from its sharpest drubbing in a month, after the hottest U.S. inflation reading in a generation fanned bets on rate hikes.
U.S. consumer prices grew at their fastest annual pace since 1990 last month, data showed, and traders think the Federal Reserve could respond by lifting interest rates faster than peers in Europe and Japan.
The euro was pummelled, as the European Central Bank is seen lagging on policy tightening, and it slipped further to $1.1465 on Thursday, its lowest since July 2020. It is without major chart support until around $1.12.
Sterling was also marginally down at a fresh 11-month low on Thursday of $1.3393. The yen extended a sharp reversal of recent gains to 114.15 per dollar and the Australian and New Zealand dollars made one-month troughs.
· Oil prices steady after falling on signs U.S. may release more reserves
Oil prices were steady on Thursday after falling in the previous session on concerns rising inflation in the United States, spurred by climbing energy costs, may prompt the government to release more strategic crude stockpiles to drive down prices.
On Wednesday, Brent crude futures fell by 2.5% and West Texas Intermediate (WTI) futures dropped by 3.3% after reports that U.S. inflation increased at the fastest rate in 30 years pushed the dollar higher and crude inventories in the U.S., the world's biggest oil consumer, rose after the government released some strategic reserves.
Brent crude futures gained 31 cents, or 0.4%, to $82.95 a barrel at 0515 GMT, while WTI futures rose 29 cents, or 0.4%, to $81.63.
Reference: CNBC,Reuters
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