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Greenback Strength Prevails Following US Inflation Beat

FOREX
  • The dollar index recovered from weakness over the past few sessions, slowly approaching last week's highs and the best levels seen since April, up half a percent on the day.
  • Despite another big set of beats in the US CPI release, an initial spike in the dollar was faded with a fairly muted immediate reaction seen in currencies.
  • However, as the session developed, with most pairs unable to trade back to pre-release levels, the USD gradually firmed across the board, extending on session highs late on Tuesday, in line with higher treasury yields. Particular weakness was seen in EURUSD (-0.62%), matching the July 7 low at 1.1982.
  • With the technical outlook remaining bearish, a sustained break of 1.1795, the Apr 6 low may expose key support at 1.1704, Mar 31 low.
  • Other pairs tracked the dollar index with GBP, AUD, NZD and CAD all losing just shy of 0.5%.
  • Notable moves in the EM space included weakness in MXN (-0.95%) and another substantial retreat for the South Africa Rand (-2.15%) amid escalating levels of domestic violence and looting.
  • Central bank decisions from the RBNZ and the BOC tomorrow, along with UK CPI and US PPI data.
  • Additionally, Fed's Powell is due to testify on the Semi-Annual Monetary Policy Report before the House Financial Services Committee, in Washington DC.
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