US Dollar Climbs on Strong US CPI Data: Market Recap by Forexlive Americas

Tuesday, 12 March 2024, 21:27
The US dollar strengthened following the release of February's core CPI figures, which exceeded expectations. The market initially reacted as expected, with the dollar rising across the board. However, subsequent developments, including hotter CPI numbers and changing Fed pricing, led to a reversal in the dollar's gains. Despite the volatility, most currency pairs are set to finish the day relatively unchanged, with USD/JPY experiencing notable movements.
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US Dollar Climbs on Strong US CPI Data: Market Recap by Forexlive Americas

US Dollar Strengthens on CPI Data

The US dollar saw gains after the release of February's core CPI figures, which surpassed expectations.

Market Reaction and Volatility

The initial market response led to a rise in the dollar, but subsequent developments caused a reversal in gains.

  • Old Global Impact: US CPI figures influenced market sentiment and Fed pricing.
  • Response to Data: Most currency pairs are expected to end the day unchanged.
  • Exception: USD/JPY experienced notable movements amid uncertainties surrounding the BOJ.
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