❗ USD gains and US500 drops after US CPI data

The awaited US CPI inflation data for June has been released and showed a massive acceleration in price growth. The data came in above market expectations as the headline inflation rose to 5.4% YoY in June. Market expected a drop from 5% to 4.9% YoY. Core CPI figure came in above the consensus estimate as well accelerating from 3.8% to 4.5% YoY.  Transport and fuel were main drivers of a higher reading. A significant reaction could have been spotted across financial markets - USD strengthened, gold moved lower and equities dropped. US500 dropped over 10 points while EURUSD fell sharply and reached a low at 1.1805.

Source:xStation5