US consumer inflation has jumped by 5% year-on-year in May, far exceeding predictions of 0.4%. This is the highest reading since 2008 and has caused Treasury yields to increase, giving the dollar an initial boost. The increase in prices was most notably seen in gasoline and used cars and trucks.
Initial jobless claims also saw record figures, falling for a sixth week in a row and reaching their lowest level since the start of the pandemic.
President Biden is in the UK for the G7 summit and any comments he makes around the UK-EU tensions will be listened to closely.
US sentiment data will be released later this afternoon.
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