The latest US inflation data came in line with market expectations, disappointing a market that has been looking for a driver.
The US dollar slipped a fraction post-release but the move was limited and within today’s tight range. The US Dollar Index has arrested its recent slide lower and is currently being propped up by the longer-dated, 200-day simple moving average, currently at 103.75. Below here is the 50% Fibonacci retracement level of the mid-July/early-October rally at 103.41. If these levels are broken convincingly, 103.00 hooves into view.
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