December 5, 2022

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US dollar gives back much of its post-CPI gains

1 min read

Commodity currencies lead the comeback

AUD, NZD and GBP are nearly back to pre-CPI levels against the US dollar.


Commodity currencies lead the comeback

The bond market has given back the CPI move and the S&P 500 is down just 2 points after futures fell as much as 21 on the headlines.

There’s an interplay between the Fed, other central banks, growth and inflation that’s tough to pin down at the moment. You can make the case that this is good for the reflation trade if you’re confident the Fed won’t hike early on the data.

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