US CPI m/m comes in at -0.4% against -0.1% consensus

US Consumer Price Index month over month data was released today, showing a reading of -0.4%. This figure came in below the consensus expectation of -0.1%. The previous month’s reading was 0.5%. The actual print represented a -322.5% surprise compared to the consensus forecast.

Following the release, EURUSD moved +35 pips in the first five minutes and was up +37 pips one hour after the data. This one-hour move compares to a median one-hour move of 21 pips and top-quarter moves of 38+ pips for EURUSD after past releases. USDJPY moved -43 pips in the first five minutes and was down -30 pips one hour after the release. For USDJPY, the median one-hour move is 21 pips, with top-quarter releases seeing moves of 41+ pips.