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US CPI: What the In-Line Report Means for Gold and EUR/USD
['Eno Eteng', 'Msta', 'Investment Writer', 'Certified Financial Technician', 'Eno Is A Certified Financial Technician', 'Member Of The Uk Society Of Technical Analysts. He Loves To Trade', 'Write About Stocks', 'Forex', 'Cfds. Since', 'He Has Consulted Several Financial Companies As A Trader']
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Summary: The in-line US CPI data leaves no new catalysts for gold and the EUR/USD, leaving the previous fundamental influences intact.
The in-line report means that there is no material need to change the current Federal Reserve policy narrative.
For both gold and the EUR/USD, the in-line prints mean that there is no material catalyst to cause a decisive USD repricing.
Gold: CPI removes the immediate inflation shockGold is up by 1.52% on the day, maintaining the week’s trajectory pre-CPI.
Gold remains highly sensitive to:US real yieldsFed expectationsUS dollar directionGeopolitical riskGold: Technical OutlookThe bias on gold remains cautiously bullish.