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Dollar Edges Lower Post US CPI, DXY Unchanged For Week

FOREX
  • US inflation data was broadly in line with consensus which immediately weighed on the dollar.
  • After president Biden’s cautious pre-release comments relating to the November number not fully reflecting the adjustment in oil prices, dollar bulls may have been underwhelmed by the figures.
  • The dollar index retreated around 0.3% and despite a retracement over the preceding hour, the greenback traded with an offered tone throughout the remainder of Friday’s session.
  • The White House provided further support following the release, suggesting price pressures will ease further in the coming months keeping an underlying bid in equities which supported AUD (+0.31%) and GBP (+0.27%).
  • Overall, price action in G10 FX was subdued with narrow ranges to end the week where the DXY remains almost at identical levels to last Friday’s close.
  • On Monday the BOE will release their Financial Stability Report. This kicks off a very busy week of central bank meetings, which include the Fed, ECB and the BoE.
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