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US Inflation Data: One Step Back, Two Steps Forward
The greenback’s attempts to recover after July US CPI report proved to be unsuccessful in the second half of the week. After forming a weekly peak at 93.15 on Wednesday, DXY tumbled on the report. Following a failed attempt to gain a foothold on above 93 level Thursday, it resumed its slide on Friday as buying pressure eased on lack of short-term catalysts. However, upside potential for DXY remains abundant in the second half of August thanks to upcoming Fed announcements and inflation developments. US macro data released on Thursday again drew attention to inflation risks. In particular, production prices rose in ... (full story)