According to the “Bureau of Labor Statistics” (BLS) in the US, the Consumer Price Index for all Urban Consumers (CPI-U) rose by 0.4 per cent in October. This is the biggest monthly surge on record since March of this year.
US Inflation Rate. Image source: TradingEconomics.com
On a year-to-year basis, the all items index of inflation rose to 1.8 per cent before seasonal adjustment. Therefore, the BLS observed a 0.1 percentage point increase in general inflation since the previous period.
In the report, it was further stated that:
“The all items index increased 1.8 percent for the 12 months ending October, a slightly larger rise than the 1.7-percent increase for the period ending September. The index for all items less food and energy rose 2.3 percent over the last 12 months. The food index rose 2.1 percent over the last 12 months, while the energy index declined 4.2 percent over the last year despite increasing in October.”
The monthly performance of the CPI-U index surprised analysts, as the initial forecasts were for only a 0.3 per cent hike, and the recorded data surpassed those estimations by 0.1 percentage point.
Overall, the observed surge in the consumer price index boosted the US dollar, as the recorded 1.8 per cent inflation rate is now closer to the 2 per cent symmetric target-rate of the FED.
As a result of that, the EURUSD broke below the 23.6 per cent Fibonacci retracement level at 1.10175, which is a major support level on the daily chart.
The currency pair is now consolidating below that level, ready to extend the bearish swing.
EURUSD 1D Price Chart. Image source: Trendsharks ©, created with TradingView.com
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