Global Forex Market
Volatility in the global markets was sucked out, leaving major currencies mostly range-bound as investors took the sidelines ahead of Thursday’s development – US May CPI print and European Central Bank (ECB) monetary meeting. Post-event risk, it appeared to add a little new direction to the currency market.Investors saw the US headline inflation rate soared to a 13 year high of 5% year-on-year (y-o-y) compared with 4.2% y-o-y in April and beating the consensus of 4.7% in the dollar market. Meanwhile, the US core inflation also jumped up 3.8% y-o-y from 3.0% y-o-y in April (consensus 3.4%), marking the faster reading since 1992.