US Core CPI m/m comes in at 0.3%

The United States Core Consumer Price Index month over month, a key inflation gauge, was released today at 0.3%. No consensus figure was available for comparison.

Following the release, the US Dollar initially strengthened against most major currencies. AUDUSD fell 10 pips after 5 minutes, EURUSD dropped 14 pips, and GBPUSD declined 18 pips. USDJPY rose 18 pips in the initial 5 minutes. However, by the one hour mark, the market reaction had largely reversed for many pairs. AUDUSD was up 7.9 pips, EURUSD up 9.5 pips, GBPUSD up 6.1 pips, and NZDUSD up 3.2 pips. USDCAD gained 2.5 pips and USDCHF gained 0.4 pips after one hour. USDJPY saw a significant decline of 44 pips after one hour, a move larger than its median 1-hour move of 21 pips. XAUUSD, or gold, initially fell 75 pips but then surged 518 pips after one hour, significantly exceeding its median 1-hour move of 52 pips. For most other pairs, the one hour moves were small relative to their historical median one hour moves, which typically range from 15 pips to 21 pips.