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As expected, the growth rate of consumer prices in the United States accelerated from 2.4% to 2.6%, further bolstering the dollar. Considering Jerome Powell's remarks during the press conference following the latest Federal Open Market Committee meeting, the rise in inflation implies a pause in further monetary policy easing by the Federal Reserve. This alone is enough to push the dollar even higher. Additionally, today's data on producer prices is anticipated to show an acceleration from 1.8% to 2.2%, indicating that inflation may continue to rise.
Moreover, attention should be paid to industrial production in the Eurozone, which is currently growing at 0.1%. This growth is expected to turn into a decline of 1.1%, a significant drop. As a result, the dollar, which has already demonstrated phenomenal growth over the past week, is likely to continue strengthening. There are no visible catalysts for even a local rebound on the horizon.
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