The United States has announced its inflation data (CPI) this evening at 20:30 WIB, revealing that the Consumer Price Index has recorded a rate of 2.9%, aligning perfectly with the expectations outlined by Trading Central. This figure indicates an increase from the previous reading of 2.7%. The rise in CPI suggests that overall inflationary pressures are beginning to escalate, in line with market forecasts.
On the other hand, the core inflation rate, which excludes the prices of food and energy, was reported at 3.2%. This is slightly below the anticipated 3.3%, indicating a deceleration in core inflation. This discrepancy is noteworthy, as core inflation is often used by the Federal Reserve as a key indicator when shaping its monetary policy.
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The combination of the expected CPI increase along with the dip in core inflation presents a mixed signal to the market. In response to the data, gold prices rose to $2,693.
The potential actions by the Federal Reserve regarding interest rate adjustments will heavily rely on forthcoming economic data. Meanwhile, the movements within the financial markets are likely to continue to be influenced by sentiments surrounding the direction of US monetary policy.
In addition to Gold, major currency pairs have also surged in response to the data; GBPUSD sharply increased to 1.2301, and EURUSD reached 1.0354.
