Last week the US CPI was released. The surprise was to the upside with the YoY did drop for the seventh month, but January’s decline was just 0.1% to 6.4%. This was higher than the market expectation and yields push higher on the back of the release.
The Euro had a quiet week as most Eurozone data came through in line. The week saw the single currency gain although very marginally vs the USD and GBP.
GBP was lower earlier in the week with misses from earnings and inflationary data but gained later in the week to close broadly unchanged vs the USD.
Commodity currencies suffered as post CPI yields rose and the US Dollar moved better. The AUD fell 0.5% while other commodity related currencies all dropped around 1%. The main loser was JPY losing around 2%.
Oil continued its wild ride following the previous +9% week. WTI this week fell 4% and it seems that Oil volatility is here to stay for the long term.
The week ahead has a large amount of data releases with GDP from the US and Germany along with the RBNZ rate decision.
Weekly Majors Market Performance
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Cromwell FX Market View
CPI Surprise
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Peyman Khosravani is a global blockchain and digital transformation expert with a passion for marketing, futuristic ideas, analytics insights, startup businesses, and effective communications. He has extensive experience in blockchain and DeFi projects and is committed to using technology to bring justice and fairness to society and promote freedom. Peyman has worked with international organizations to improve digital transformation strategies and data-gathering strategies that help identify customer touchpoints and sources of data that tell the story of what is happening. With his expertise in blockchain, digital transformation, marketing, analytics insights, startup businesses, and effective communications, Peyman is dedicated to helping businesses succeed in the digital age. He believes that technology can be used as a tool for positive change in the world.
