S&P 500 Ends Monday -0.12%, US Dollar Ahead Of Inflation Data
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Summary:
- U.S. stocks experienced a mixed day ahead of inflation data.
- US Dollar ahead of inflation data.
S&P 500
Following the Senate's passage of a comprehensive plan on renewable energy and healthcare, U.S. stocks experienced a mixed day ahead of inflation data that would shed further light on the economy's trajectory and the effectiveness of the Federal Reserve's rate hikes to combat inflation.
The S&P 500 and Nasdaq Composite also rose last week, and Monday's movements come after some recession worries were allayed by a surprise positive monthly jobs report. The labor market's strength also suggested that the economy might survive additional Fed rate increases.
US Dollar Ahead of inflation data
The Euro to Dollar exchange rate suffered defeats this week from both near and distant, but if this Wednesday's U.S. inflation data further incenses a still-hawkish Federal Reserve (Fed), it might send the rate back into its laws from July. In the first session of last week, the Euro got dangerously close to the 1.03 handle versus a declining Dollar, but an attempt at a rebound was again thwarted by what appear to be escalating concerns to energy supplies in Germany and several other European nations.
The euro has stabilized versus the U.S. dollar in recent weeks following a large sell-off earlier this year, but has been unable to mount a significant comeback due to a dearth of supportive fundamentals. In this aspect, the common currency has faced challenges that have limited its upward performance versus the dollar, including the oil crisis in Europe, regional economic instability, and the ECB's unwillingness to raise rates fast.
Sources: finance.yahoo.com, fxmag.com, thestreet.com
