On Wednesday, the U.S. reported worse-than-expected inflation data…and the markets rallied. The U.S. dollar, on the other hand, dropped.
On Tuesday, the dollar was headed for the highest exchange rate against the Euro this year. Yet within 24 hours, the rally was cut short by Wednesday’s release of U.S. inflation data.
The July U.S. Consumer Price Index was at 5.4% year-over-year . That’s worse than the expert consensus estimate of 5.3%. For reference, the Federal Reserve’s “target inflation rate” is 2%.High inflation is typically a warning sign for central banks. If it stays too high above the “target rate,” central […]
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