Dollar renewed this year's high. Overview for 11.08.2021
Euro/dollar remains seriously depressed. Current quotations are 1.1709.
Market attention is focused on the US statistics on the CPI that is due today afternoon. Inflation is forecast to have grown by 0.5% m/m after sky-rocketing by 0.9% m/m last month. Base inflation might have increased by 0.4% m/m against 0.9% m/m previously.
The stronger the inflation statistics, the more it is probable that the Federal Reserve system might get tougher about its next actions. This is what is heating up the dollar these days.
Meanwhile, daily statistics from Germany turned out to be quite bright. The CPI in July grew by 0.9% m/m as expected. Inflation sky-rocketing to 3.8% y/y after 2.3% in June. This is maximum growth since December 1993.
Prices in Germany have mostly grown in foods (+4.3%) and services (+2.2%). Meanwhile, transport fees have increased by 9.8%. Simultaneously, prices for clothing have also grown (+5.0%).
The Euro does not react to the German inflation statistics because they were expected like this.
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