CPI came in at 1.9%, exactly where we expected and good enough to keep DXY steady…for now. From Was That It? on Sep 6:
The EIA is showing a very healthy monthly increase in average gas prices for August (3.9% MoM and 8.4% YoY.) I believe this is understated, but my back of the envelope calculations indicate CPI should come in at 1.9% or higher.
Futures are off modestly, though. And, DXY’s initial burst higher seems to be unwinding. With an FOMC meeting coming up next week, we can expect traders to pay very close attention to how the markets react to the inflation data.
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