- USD ended the week lower despite rising sharply against major peers tracking US treasury yields higher on Friday.
- Hawkish Federal Reserve speakers have been reiterating the US central bank’s commitment to reining in inflation.
- Initial jobless claims fell to 214,00, down from 228,000 the previous week. The data suggests that the US labor market remains resilient even as borrowing costs are rising and inflation remains elevated.
- Fed official Neel Karshkari said that the Fed couldn’t consider pausing the hiking cycle when core inflation was still rising. Along a similar tone, Fed President Bostic said that inflation is too high and must be bought under control.
- INR rebounded from fresh record lows after touching a psychologically crucial level of Rs 83 a USD during the week as RBI intervened heavily in the currency markets.
- Oil prices were pushed higher on optimism that China could ease some COVID quarantine restrictions.
We would love to hear back from you. Please Click here to share your valuable feedback