US FX Handover: Dollar Shrugs Off Weak CPI as Oil Continues to Dump
Matt Weller, CFA, CMT June 12, 2019 8:38 PM
- US CPI (May) came in a tick weaker than forecast at 1.8% y/y (Core CPI printed at 2.0% y/y). Despite traders increasing bets on a Fed rate hike this summer, the US dollar was among the strongest major currencies today, along with the yen.
- GBP traders were nonplussed by PM frontrunner Boris Johnson’s speech this morning.
- The Aussie was the weakest major currency on the day.
- WTI fell 4% today to close near 51.00, its lowest level in five months, after an unexpected buildup in inventories. See “4 Reasons Oil is Tanking” for more.
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