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Demand for risk assets soared on Tuesday, after Fed Chairman Jerome Powell said the recent surge in inflation is temporary.
Powell attributed it to the reopening of the US economy, and stressed that it will return to acceptable levels as soon as prices decrease.
But last week, Fed officials already revised the timeline of rate hikes in response to growing inflationary risks. They said interest rates may increase by the end of 2023, and promised that they will also start discussing the easing of bond purchases soon.
Unfortunately, the recent Fed forecasts indicate a sense of risk and uncertainty, which means that they may revise projections again, if data does not coincide with their expectations.
"We will not raise interest rates in advance because we read that the unemployment rate is still too high. We will wait for evidence of rising core inflation or other imbalances that could pose a risk to the economy, "Powell said. The Fed is also buying around $ 120 billion bonds, and there are no plans to change this volume yet.
As for the Euro zone, latest reports indicate that consumer confidence continues to strengthen, thanks to the ongoing economic recovery. The data for June was -3.3 points, which is much higher than the -5.1 points in May. However, the report was collected from June 1 to June 21, and final figures will be available only on June 29.
Italy also released its report on industrial production. According to its data, the index rose 3.3% month-over-month, and posted the fastest gain in eight months.
All this helped euro rally, but today a lot will depend on 1.1950 because going above it will result in a further jump to 1.2060. Meanwhile, declining below the level will lead to a drop towards 1.1850 and 1.1800.
GBP
Aside from Powell's statements, pound also rallied on the news that UK budget deficit narrowed in May. The report said public sector net borrowing fell to £ 24.33, which is well below the forecast of analysts.
But today, a lot will depend on the base of the 40th figure because going above it will result in a further jump towards 1.4050 and 1.4100. Meanwhile, going below the level will lead to a collapse towards 1.3910, and then to 1.3860 and the base of the 38th figure.
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