The widely watched US CPI inflation for October has just been released and showed a massive acceleration in price growth as supply-chain bottlenecks have not improved and energy prices remain elevated, raising further concerns that high inflation will last longer than expected. The data came in above expectations as the headline inflation rose to 6.2% YoY in October vs expected 5.8% YoY. That is a rapid increase compared to 5.4% YoY print last month. The Core CPI figure came in above the consensus estimate as well as it amounted to 4.6% YoY (vs exp. 4.3% YoY) and compared with 4.0% YoY in September.
The number of Americans filling for unemployment benefits was 0.267 million in the week ended November 6, compared to 0.271 million reported in the previous week. Today’s reading came in above market expectations of 0.265 million. Continuing claims reading, which lags initial jobless claims data by one week, increased to 2,160 million from 2,105 million, while analysts expected decrease to 2.095 million.
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EURUSD fell after today's data release and is testing support level at 1.1535. Source:xStation5
