ByLCMS Traders FX Analysis Team
AUG 16, 2021
(1) Last week, the U.S Bureau of Labor Statistics reported a slowdown in inflation in July. The main driver behind the slowdown is the strong deceleration in price rise of used cars and trucks which sees a rise in price by only 0.2% as compared to the previous months of strong rise. The stagnation of inflation may very well reflect the start of transitory inflation mentioned by the Federal Reserve.
(2) Last Wednesday, the White House called on the OPEC+ to increase its oil production. The Biden administration said in the released statement that the “higher gasoline costs, if left unchecked, risk harming the ongoing global recovery”. During their previous meeting, members of the OPEC+ have agreed to hike oil production by 400,000 barrels-per-day (bpd) starting from this month until the remaining 5.8 million bpd cut is over. The OPEC+ will be meeting on 1 September to review its production quota.
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