Overnight Market Review (2022.8.12) On Friday (August 12) in the Asian market, gold futures prices hovered above $1,800. The Fed’s hawkish remarks once again strengthened the uncertainty of the future interest rate path and hit U.S. inflation cooling Ignited optimism.
The remarks poured cold water on optimism following an unexpected drop in the U.S. producer price index (PPI) for July released on Thursday. Earlier, the US consumer price index (CPI) released on Wednesday also ended the exponential upward trend and began to slow down.
While the two aforementioned inflation data dragged the dollar down, investors still see the Fed’s path for rate hikes this year as uncertain, especially given the slew of U.S. inflation and employment data ahead of the Fed’s next meeting.
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