EUR/USD bears eye a correction following high volatility induced US CPI – by fx_ross EURUSD Currencies DollarIndex ECB
US inflation eased less than expected in September to 8.2%, and underlying prices excluding energy while food prices accelerated to a new four-decade high.As a consequence of the data beats, the 10-year Treasury yield rallied to 4.080% while the 2-year yield was up to 4.535%. As measured by the DXY index, the US dollar fell by 1% to almost 112.14 as risk sentiment returned to markets. At the time of writing, the DXY index is flat having fallen from a high of 113.92 to a low of 112.
The euro benefitted from a risk on rally on Wall Street but, the big question is; ''is the risk rally logical, or is it just a short squeeze or a dead cat bounce?'' The S&P 500 closed the session up 2.6% after declining 5.7% in the previous six sessions. Earlier Thursday it fell 2.3% to its lowest level since Nov. 2020.
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