The king dollar regains the upside momentum on Thursday following the release of the latest US inflation report. The inflation data showed that U.S. consumer inflation jumped 7.9 per cent over the past year, the sharpest spike since 1982 bolstered by rising gas and food prices.
The Euro and European shares ended higher on Wednesday ahead of the European Central Bank meeting. The ECB Monetary Policy Statement is set to be released at 12:45 GMT. Along with this release will see the ECB president Christine Lagarde Conference 45-minutes after at 13:30.
US President Joe Biden announced a ban on US imports of Russian oil on Tuesday at a White House press conference. Biden said he made the decision in consultation with European allies but added they may not be in a position to join the US in banning Russian energy imports.
The price of an ounce of gold trades steady above the psychological level of $2000 on Tuesday. The strong rally was supported by the uncertainties surrounding the Russia-Ukraine crisis and rising inflation fears.
Shares of Apparel retailer Gap Inc (NYSE: GPS) bounced more than 10% in after-hours trading on Thursday after the company reported better-than-expected fourth-quarter financial results. The company revenue for the last quarter rose about 2% to $4.53 billion from $4.42 billion a year earlier.