After the US inflation rate was published, the euro went up and down. The common currency last offset its daily loss and was quoted 0.1 percent higher at 1.1298 dollars in the late afternoon. The inflation rate in the US accelerated further in November. Consumer prices increased by 6.8 percent compared to the same month last year. This is the highest inflation rate since 1982. In the previous month it was 6.2 percent. The rate is thus even more clearly above the US Federal Reserve’s inflation target of two percent. The Fed has long viewed the increased inflation as a temporary development determined by special corona factors. Federal Reserve Chairman Jerome Powell recently indicated that this view is no longer tenable. Gold, viewed by investors as a hedge against inflation, rose slightly. The price of the precious metal rose 0.3 percent to $ 1,781 a troy ounce.
The persistent weakness of the lira forced the Turkish central bank to intervene in the foreign exchange market for the third time within ten days. She sold dollars again because of “unhealthy pricing”. After falling to a record low of $ 13.95, the lira only made up for a momentary loss. Most recently, the dollar was 0.6 percent higher at 13.88 lira. Since the central bank began lowering lending rates at the end of September in response to President Recep Tayyip Erdogan’s demand for lower interest rates, the currency has lost almost 40 percent of its value.
A barrel of US WTI light oil rose 1.1 percent to $ 71.68. Thus, the crude oil prices recorded a clear plus on a weekly basis. The decisive factor was the positively received news about the new Corona variant Omikron.