The dollar came under pressure on Tuesday following the release of US inflation data. The dollar index, which measures the evolution of the exchange rate against the world’s most important currencies, fell 0.3%. The euro rose accordingly to $ 1.1845. The strong upward price trend in the United States eased slightly in August. Goods and services cost 5.3% more in August than in the same month last year, according to the Ministry of Labor. Experts had expected the increase – after more than 5.4% in July. Inflation is of great importance to the monetary policy of the US Federal Reserve, which has however already indicated that it regards the current surge in inflation as a temporary development and does not want to react in terms of monetary policy.
Meanwhile, oil prices in commodity markets have hit a six-week high. In the evening, the price of US WTI light oil was 0.3% higher at $ 74.68 per barrel. The US states of Texas and Louisiana are bracing for another hurricane. There is still production downtime after Hurricane Ida. At the same time, the International Energy Agency predicted a sharp increase in demand for the rest of the year. Given the strong pent-up demand and the continued progress of immunization programs, a solid recovery can be expected from the fourth quarter.
Palladium remained under pressure, falling 5.7% below the $ 2,000 an ounce mark. Since the beginning of the month, the price has fallen by 20%. The decline since the record reached in early May at $ 3,019 is now 33%. Apparently, the chip shortage and the resulting drop in production in the auto industry is being felt in the price of palladium, analysts at Commerzbank said.