LONDON -Global stocks rose on Monday, even though Beijing denied it would consider easing its zero COVID-19 policy, which stemmed safe-haven flows into the dollar ahead of potentially pivotal consumer inflation data this week.
"We can question whether the China story has any veracity, but the market is quite happy to give it credence for the moment, despite the big denials," CIBC Capital Markets head of G10 currency strategy Jeremy Stretch said. The dollar sagged against other major currencies, pushing the pound up by 0.6% to $1.1445 and boosting the euro by 0.2% to near-parity at $0.9980.
Fed Chair Jerome Powell quashed speculation last week that the central bank could slow the pace of its rate rises, saying interest rates would likely stay higher, for longer.
They should DUMP
who cares about the economy , Powell will drive it off the cliff , why Main St gets crushed he thinks living with inflation is impossible WRONG so many other countries have higher inflation , Powell nets to think more major cause of inflation is price gouging
These reports are causing the markets to fluctuate like a roller coaster. I'm getting too old for all this excitement. But what the heck; you only live once. Bring it on.
They should go down NOT RISE for the election