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Forex Today: FX board wakes up with US inflation at a 40-year high
What you need to know on Thursday, January 13:
The greenback plummeted following the release of US inflation figures. The December Consumer Price Index was confirmed at 7% YoY, as expected, while the core reading beat expectations, up to 5.5%. The news, which usually spurs risk aversion, had the opposite effect this time.
Stocks rallied, although indexes gave up gains unevenly ahead of the close, while government bond yields ticked lower, sending the American dollar in a selling spiral, exacerbated by the breakout of technical levels.
The EUR/USD pair trades at its highest in two months at around 1.1450, while GBP/USD jumped to 1.3710, its highest since October. Commodity-linked currencies were also on the run, with AUD/USD trading in the 0.7280 region as USD/CAD flirting with 1.2500.
The dollar lost ground vs safe-haven assets also, as the USD/JPY pair plunged to 114.37, holding nearby heading into the Asian opening.
Gold advanced modestly, as investors looked for high-yielding assets. The bright metal trades around $1,827 a troy ounce. Crude oil prices were also up, with WTI trading at $82.60 a barrel.
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