Traders are in risk-on mood once again as stocks, metals and oil are rallying. Tomorrow, the US CPI data will be posted, and economists are expecting a reading of 8.1%, which would be a fall from the 8.5% posted in July.
Last week, EUR/USD printed a new 20-year low, largely down to a sharp rally in the US dollar.
Traders are in risk-on mood even though yesterday there was a rate hike from the ECB and hawkish commentary from Jerome Powell.
The euro continues to see high levels of volatility more than 24 hours after the European Central Bank hiked interest rates by 50 basis points.
The European Central Bank caught some by surprise as it lifted interest rates by 0.5% as the bank previously hinted about a 0.25% lift.
Stock markets are enjoying a rally as traders have shrugged off concerns there might be an energy shortage in Europe.
The jump in the US inflation rate triggered major volatility in the markets as traders now feel the Federal Reserve will be even more hawkish than previously expected.
Stock markets are lower this afternoon as China has reintroduced restrictions to try and curb the spread of Covid-19.
Stock markets have rebounded from the brutal losses that were witnessed yesterday as government bond yields have cooled a touch.
European equity markets are in the red as the European Central Bank issued its intention to hike rates by 0.25% next month.
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