- This morning’s inflation report out of the United States saw fresh one-year highs in both headline and core CPI. This is now the seventh consecutive month of headline CPI coming-in at the Fed’s 2% target or higher, while Core CPI has crossed the 2% marker for the first time in the past 12 months. This inflation strength has helped the US Dollat to finally find some element of support after the sell-off that started around last week’s disappointing NFP report.
- The US Dollar has been in a consistent sell-off since that NFP report, and on a short-term basis that move has become oversold. A pullback here could be helpful for USD bears, as this could help to alleviate that oversold condition while also pushing prices back towards lower-high resistance. We look at a series of levels that’s interesting for such a scenario.
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From Provocative Tweets to US Inflation
It’s already been a busy morning already as the US session gets underway, as the day opened with some rather provocative tweets that appeared to carry pull across global markets; and this led into the CPI release of March inflation numbers out of the United States. A little later today we’ll get the meeting minutes from