US CPI m/m comes in at -0.4%

The US Consumer Price Index month over month (CPI m/m) for July was released today, showing a figure of -0.4%. No consensus estimate was available for this release.

Following the release, the US Dollar generally weakened against major currencies, while Gold (XAUUSD) saw significant gains. Over the first hour, EURUSD rose by +37 pips, which is above its median 1-hour move of 21 pips and within the top-quarter of past releases, which typically move 38+ pips. USDJPY fell by -30 pips in the first hour, compared to its median 1-hour move of 21 pips. XAUUSD gained +548 pips in the first hour. This move is substantially larger than its median 1-hour move of 52 pips and well above the top-quarter threshold of 108+ pips. GBPUSD’s initial strong reaction moderated, ending the first hour up +14 pips, which is below its median 1-hour move of 22 pips. USDCAD fell by -41 pips over the first hour, exceeding its median 1-hour move of 15 pips and its top-quarter threshold of 29+ pips.