Forex Today: Inflation revolves at record highs, triggers run to safety – by ValBednarik EURUSD XAUUSD CryptoCurrencies Inflation Recession
A souring market mood benefited the American Dollar on Wednesday, which extended its latest advance against its major rivals.
The United Kingdom also released the September annual CPI, which surged by 10.1% YoY, higher than the previous 9.9% and also above the 10% expected, a fresh multi-decade high. The reading, which excludes volatile food and energy prices, rose by 6.5% in the year to September, surpassing the previous 6.3%.
Stubbornly high inflation revived recession-related concerns, as most central banks from around the globe are focused on taking it down, regardless of their actions' negative effects on economic growth. Persistent price pressures hint at continuedMeanwhile, the US Federal Reserve’s Beige Book showed that pessimism increased amid weakening demand and as price growth remained elevated, further fueling markets’ concerns.
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