Inflation in the U.S. rose to 9.1 percent year-on-year in June, a new 40-year high, and also exceeded forecasts. The U.S. dollar initially reacted by rising as markets may be expecting more decisive action from the Federal Reserve.
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The European single currency euro briefly reached parity with the U.S. dollar at a rate of USD 1.00000. Further depreciation of the euro cannot be ruled out due to the energy and economic crisis in the euro area.
After a short-term stabilisation on Friday, the euro fell back below the mark of USD 1.0100 for the start of the week. Concerns about gas supplies in Germany are weighing on the European single currency.
Read more: EUR/USD - Parity within reach, NS1 shutdown weighs on the market
Euro Area inflation hits new high
The inflation in the euro area has significantly exceeded forecasts and reached a new high of 5.1 % compared to the same month last year. The release, one day before the ECB meeting, is likely to heighten investor excitement.
US gross domestic product data released today significantly outperformed and surpassed the best marks from last year. New orders for durable goods and initial jobless claims, meanwhile, hit forecasts almost on the nose.
Read more: US GDP for the 4th quarter significantly exceeds forecasts
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