The US US CPI data was on the high side with the core CPI rising by 0.3% and 3.9% on MoM and YoY. The headline also rose by 0.3% and increased to 3.4% from 3.1% last month.
That sent the USD higher on the initial reaction at least.
In this video, I take a look at the reaction to the data from a technical perspective. The USD did move higher but there has been a modest correction of the gains after testing some technical targets. Those levels will be outlined and explained for the EURUSD, USDJPY and GBPUSD in this video, and show levels that are in play in defining the bias (bullish or bearish) and the targets and risks. They