The US CPI inflation data for August came in above market expectations as the headline inflation dropped to % 8.3 YoY in August vs expected 8.1% YoY and compared to 8.5% in July. The Core CPI figure came in above the consensus estimate as well as it amounted to 6.3% YoY vs exp. 6.1% YoY and compared with 5.9% YoY in the previous month.
Today's reading confirms that the price pressure remains elevated, which increases the chances of an interest rate hike by 75 bp at the next FED meeting.
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EURUSD pair fell sharply and is currently testing a short-term support zone in the 1.0065 area. Source: xStation
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