Daily Alert – Thursday 12th October 2023: US inflation falls, but slowly
There was nothing to frighten the horses in the US inflation data released today. The main measure, Core CPI year-on-year, came in at 4.1%, as per expectation, and a prior number of 4.3%. So, it’s moving in the right direction, but slowly, and still some way off the Fed’s mandate of 2%. This fits with the Fed’s “tight for longer” stance but does not seem to add significantly to the case for another hike. The USD did rise, and equities fell, on the announcement but the moves are not great, and equities have started to reverse their fall.
I will have a little look at EURUSD short this evening, but I am unlikely to trade.
Have a great weekend when it comes. I’ll be back on Monday.
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