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PIPELINE

$8B Debt Issuance to Price, $3B Egypt 3Pt Leads

EURGBP TECHS

Sharp Retracement

FED

NY Fed Weekly Economic Index (WEI)

FED

JP Morgan Take on FOMC DOTs

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The softer than expected U.S. CPI print (and related perceptions surrounding the knock-on impact for Fed monetary policy settings) allowed gold to recover from worst levels of the day on Tuesday, with our weighted U.S. real yield monitor ultimately finishing little changed on the day. The same held true for the broader USD (as measured by the DXY), despite a brief round of USD weakness post-CPI, which was subsequently unwound. The technical overlay remains as it was, with spot last dealing at virtually unchanged levels just shy of $1,805/oz.