Bank of America Raises China's Economic Growth Forecast

The dollar bounced from two-week lows on Wednesday as benchmark 10-year Treasury yields rose to 14-year highs, while sterling weakened after hotter-than-expected UK consumer price inflation fueled concerns about a deeper recession.

The safe-haven U.S. dollar gained broadly in volatile trading on Tuesday, adding to recent gains, after a top Bank of England official reiterated that the central bank will end its bond-buying program on Friday and told pension fund managers to finish rebalancing their positions within that time frame.

Sterling rose sharply in volatile trading on Thursday, rallying from record lows hit on Monday, after the Bank of England conducted a second day of bond buying to stabilize financial markets.

The U.S. dollar pared its gains on Wednesday after minutes from the Federal Reserve’s July meeting showed that Fed officials are concerned the U.S. central bank could raise rates too far as part of its commitment to get inflation under control.

The dollar fell on Friday as investors evaluated how high the Federal Reserve is likely to raise interest rates by when it meets later this month and as investors took profits after a strong rally that sent the greenback to a two-decade high on Thursday.

The British pound rose against the dollar on Thursday, as investors shrugged off official data revealing a record shortfall in the United Kingdom’s current account deficit in early 2022.

The dollar slipped across the board on Thursday, falling to a 2-week low, extending its pullback from a two-decade high, as most major currencies battered by the greenback’s advance this year drew buyers.

With the stalemate in the Russia-Ukraine conflict, the leaders of the Group of Seven (G7) and Ukrainian President Zelensky held a video teleconference on May 8 at which the G7 pledged to gradually reduce or stop imports of Russian oil. On the same day, the US and UK also announced a new round of sanctions against Russia respectively.

The dollar fell in volatile trading against a basket of currencies on Wednesday after the Federal Reserve raised its benchmark overnight interest rate by half a percentage point, the biggest jump in 22 years.

SHANGHAI, Apr 28 (SMM) - According to the official Weibo of the World Gold Council on April 28, the global gold market got off to a solid start in 2022.