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The Office of the United States Trade Representative stated that during the U.S.-Mexico negotiations, both teams held in-depth discussions on rules of origin and economic security issues for certain industrial products. The U.S. has also begun conceptual discussions on agriculture, labor, and the environment. The third round of negotiations will be held next month in Mexico City.On June 19th, according to Axios, US President Trump denied that the war with Iran exposed the limitations of his ability to wield power, stating that he still believes there are "no limits." Trump stated that he reached the agreement to prevent the war from escalating into a global economic recession. However, Trump denied feeling any humiliation from the experience. When asked what lessons he learned about the limitations of his power during the war, he said, "No limits." Trump claimed, "We completely defeated them militarily," and even suggested that the memorandum of understanding "could very well be unconditional surrender." He argued that the war actually demonstrated Americas military strength. "Who else can impose such a blockade? I imposed a naval blockade, and not a single ship could get through. Some people tried, but they didnt last long." His implication was that the consequences could have been very serious if the agreement had not been reached.The UKs GfK consumer confidence index for June was -23, compared to a forecast of -24 and a previous reading of -23.The UKs June GfK consumer confidence index will be released in ten minutes.U.S. State Department: We look forward to the ongoing dialogue between Venezuelan political parties and the interim government in the coming weeks.

US Dollar Index Struggles to Surpass 104.00 as US Inflation Rate Rises

Daniel Rogers

May 11, 2022 10:06

The US dollar index (DXY) is equilibrating below the round level mark of 104.00 as market players lose interest in the release of US inflation data. The asset has been fluctuating between 102.35 and 104.20 since April 28 amid a flurry of key economic events, ranging from the Federal Reserve's (Fed) interest rate decision and the announcement of US Nonfarm Payrolls (NFP) last week to the impending Consumer Price Index (CPI) statistics.

US CPI Figures

The US Bureau of Labor Statistics is anticipated to report an annual inflation rate of 8.1 percent, a decrease from the previous rate of 8.5 percent, while the core CPI, which excludes food and energy, is anticipated to reach 6 percent. Although inflation is anticipated to be lower, this does not guarantee that the Fed will not raise rates in June. If the annual inflation rate rises over the multidecade high of 8.5%, investors should anticipate greater volatility. 

Fed's Mester's address

Loretta Mester, president of the Federal Reserve Bank of Cleveland, stated that the Fed will not ease its stance on interest rates until it observes a significant decline in inflation levels. Inflation rates are skyrocketing, and the current scenario necessitates tougher measures to curb the rate of inflation's ascent.

 

Important events this week include the Consumer Price Index (CPI), Initial Jobless Claims, and the Producers Price Index (PPI), as well as the Michigan Consumer Sentiment Index (CSI).

 

On the back burner are the Russia-Ukraine Peace Talks, China's CPI, and Christine Lagarde's address as President of the European Central Bank (ECB).


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