The new CPI report will describe the scale of the US’s inflation problems.

The consumer price index (CPI) report for June will be published on Wednesday and it is expected to exceed the 8.6 percent registered in May. Hopes had been that inflation had peaked, but in addition to last week’s stronger-than-expected jobs report, the Fed may be inclined to double down on its aggressive rate-hike strategy, potentially implementing another three-year hike. quarters of a percentage when policy makers meet at the end of the month.

Inflation and fears of looming recessions in major economies around the world have investors looking for safe haven investments to weather the storm. The side effect is that investing in dollars is even more attractive, causing the US dollar to rise against other world currencies. The pound recently hit a two-year low against the US dollar and the euro fell almost to parity with the dollar. for the first time in twenty years.

Expectations are that the common European currency will fall behind the US dollar in August. That’s good news for those planning to travel across the pond this summer, if they can find a reasonably priced flight. The price of air tickets has risen a whopping 38 percent since last year due to strong demand and high oil prices.