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UK consumer price inflation rose further in May at the fastest pace in 40 years on rising energy and food prices, deepening the cost of living crisis. Consumer price inflation rose to 9.1 percent in May, in line with expectations, from 9.0 percent in April, data from the Office for National Statistics revealed on Wednesday.

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The National Association of Realtors released a report on Tuesday showing another steep drop in U.S. existing home sales in the month of May. NAR said existing home sales plunged by 3.4 percent to an annual rate of 5.41 million in May after slumping by 2.6 percent to a revised rate of 5.60 million in April. Existing home sales fell for the fourth consecutive month.

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The US Dollar surged to fresh highs after an event-heavy week of trading. Federal reserve rate hike bets, economic forecast to dictate DXY strength. Mr. Powell’s Congressional testimony may see US Dollar volatility ahead.

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USDJPY retraces the decline following the Federal Reserve interest rate decision as the Bank of Japan (BoJ) retains the Quantitative and Qualitative Easing (QQE) program with Yield-Curve Control (YCC), and developments coming out of the US may influence the exchange rate over the coming days as Chairman Jerome Powell is scheduled to testify in front of Congress.

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Oil sold off during the week and fell to its lowest level in nearly a month on growing recession fears, but the commodity could rebound soon, supported by extremely tight energy markets.
Daily price is breaking the support level at 115 to below for the Ichimoku cloud for the possible ranging market condition to be started.

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