US dollar bears pile in despite red hot inflation, eyes on 110.00 as the box breaks down – by fx_ross DollarIndex Technical Analysis CPI
fall into the hands of the bears, dropping by 1% to almost 112.14 as risk sentiment returned to markets. At the time of writing, the DXY index is down by some 0.66% having fallen from a high of 113.92 to a low of 112.147 so far. First off, US inflation eased less than expected in September to 8.2%, and underlying prices excluding energy and food prices accelerated to a new four-decade high.Core CPI gained at its highest annual pace in 40 years, rising 0.6% for the month and 6.
However, some price discovery made its way onto Wall Street with no sellers left as the benchmarks danced around a 50% retracement of the March 2020 bull market. Investors are turning their attention to the third-quarter earnings at the end of the week. At 3.33 p.m. ET, the Dow Jones Industrial Average was up 880 points, or 3.00%, at 30,090 and had recovered from the low of the day down at 28,660.94. The 10-year Treasury yield is still up 1.44% but below the 4.080 highs, around 3.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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