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Greenback, Yields Softer as Gold Gains Post-CPI

CROSS ASSET
  • USD offered in the knee jerk response to the CPI release, following US yields lower - however the greenback already off the post-react lows despite US 10y yield holding below 3.70%.
  • Whipsaw price action in gold, as spot initially dipped before rallying off the data-induced volatility to print new daily highs at $1970.9.
  • Equity price action mirrors gold, with the e-mini S&P showing above the overnight highs (to hit a new cycle best) before retracing slightly below 4400.

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