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Month over Month Core CPI came in at 0.3% versus a forecast of 0.2%. And has caused a boost for the USD in early New York Trading. CPI is an important event from the Inflation data set, as current inflation levels are too low, an issue central bankers are facing globally.
So can this spur new buying into the USD? Is the downtrend finally over and time to start buying again?
Perhaps not the case. Previously this week we saw some mixed reaction off the release of the FOMC minutes. Headlines were screaming that a July rate hike was not likley, but at the same time, the markets had already priced in that a June hike would not occur.
Is this data enough to tell the market any different? Probably not. In the grand scheme of things, it is not sufficient enough on it's own to have that big of an impact.
Later on today, we will have Janet Yellen speaking. The risk event will have a much bigger impact on the market. If she sounds a bit dovish, we can easily see the USD reverse and resume the downtrend we've been in. Inversely, if she starts to sound hawkish, this past week may have yet marked important bottom in the USD.
So can this spur new buying into the USD? Is the downtrend finally over and time to start buying again?
Perhaps not the case. Previously this week we saw some mixed reaction off the release of the FOMC minutes. Headlines were screaming that a July rate hike was not likley, but at the same time, the markets had already priced in that a June hike would not occur.
Is this data enough to tell the market any different? Probably not. In the grand scheme of things, it is not sufficient enough on it's own to have that big of an impact.
Later on today, we will have Janet Yellen speaking. The risk event will have a much bigger impact on the market. If she sounds a bit dovish, we can easily see the USD reverse and resume the downtrend we've been in. Inversely, if she starts to sound hawkish, this past week may have yet marked important bottom in the USD.
