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On December 7, the African Union (AU) and the Economic Community of West African States (ECOWAS) issued separate statements strongly condemning the attempted coup in Benin that day. The AU statement said that any form of military intervention in a political process is a serious violation of the AUs fundamental principles and values. AU Commission Chairperson Yusuf called on all those involved in the coup attempt to immediately cease all illegal actions and fully comply with the Benin Constitution. The ECOWAS statement said that the coup attempt violated the Benin Constitution, and ECOWAS commended the Benin government and its armed forces for their efforts to control the situation.French President Macron: Monetary policy should take into account employment and economic growth.On December 7th, Ukrainian President Volodymyr Zelenskyy posted on his official social media platform that Russia had launched over 1,600 drones, approximately 1,200 guided-missile bombs, and nearly 70 missiles of various types at Ukraine this week alone. Zelenskyy stated that on the 7th, the Russian military attacked Ukraine with over 240 drones and 5 ballistic missiles. Seven regions in Ukraine were damaged, with casualties reported in some areas. He indicated that Ukraine continues to cooperate with its partners to strengthen its defenses. Currently, Russia has not responded to this.The Russian Ministry of Defense stated that Russian forces launched a coordinated attack last night on Ukraines transportation infrastructure, fuel and energy facilities, and long-range drone bases.According to RIA Novosti: Russian troops have occupied Kucherivka in the Kharkiv region of Ukraine.

As the likelihood of an aggressive Fed direction decreases, the US Dollar Index rises again toward 104.60

Daniel Rogers

Aug 11, 2022 12:05

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On Wednesday, the US dollar index (DXY) dropped significantly as the US Consumer Price Index fell (CPI). As the prospect of a major rate hike by the Federal Reserve (Fed) in September diminished due to a sharp slowing in price pressures, the DXY collapsed like a house of cards. When the asset broke through the consolidation formed between 106.00 and 106.80, it fell to 104.64. Despite the temporary pause, the market's downward trend will continue.

Normalized CPI drops 60 basis points

Inflation in the United States for the year was reported at 8.5%, which was less than the 8.7% predicted and 9.1% reported in the preceding report. An annual reduction in inflation of this magnitude in July, brought on by a dramatic drop in oil prices, sent a strong signal of market fatigue to participants. Without a doubt, the Federal Reserve (Fed) will announce further rate hikes; but, the Fed's long-term hawkish stance will take a major hit.

There will be sustained confidence in the market.

After taking a number of policy tightening steps, including raising interest rates and halting the bond-buying program, Fed policymakers heave a sigh of relief. In order to put capital into risk-perceived assets, investors have been waiting for a month with strong employment data and a significant drop in price pressures. It's likely that your desire to take risks will last for a longer period of time in the future.

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