Well, I didn’t see that coming
Can you believe these inflation numbers? Yesterday the producer inflation (PPI) missed the expectations and came out almost flat apart from other disappointing US economic data. So, you'd expect the consumer inflation (CPI) numbers to be soft as well.
Well, they werent. The main headline number came out at 0.2% and the core inflation which strips out the petrol, gas and building supplies came out at 0.3%. That's a nice jump which has pushed the yearly inflation numbers 0.3% higher.
At first glance, the inflation data seems pretty good. But, looking at the details the broad picture doesn't seem so bright. If you take out the shelter and health care numbers there isn't any inflation left. That is why we forex traders must always check the details in fine print before we make a decision. Meanwhile, the forex market seems to like the numbers because the USD has caught a bid.
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