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

US Consumer Price Index month over month, or CPI m/m, for September came in at 0.4%. This figure matched the consensus expectation of 0.4%. The previous month’s reading was 0.1%. The surprise versus consensus was reported at -1.0%.

Following the release, the US Dollar saw varied reactions against major currencies over the subsequent hour. AUDUSD moved +7.9 pips, EURUSD moved +9.5 pips, GBPUSD moved +6.1 pips, and NZDUSD moved +3.2 pips. USDCAD saw a +2.5 pip move, while USDCHF moved +0.4 pips. USDJPY declined by -44 pips. Gold, XAUUSD, moved +518 pips. For most pairs, these one-hour moves were smaller than their respective median one-hour moves observed after past CPI releases. For example, EURUSD’s +9.5 pip move was less than its median of 20 pips, and GBPUSD’s +6.1 pip move was less than its median of 21 pips. USDJPY’s -44 pip move was larger than its median of 21 pips, and XAUUSD’s +518 pip move was significantly larger than its median of 51 pips.