The U.S. Dollar has pulled back for a test of lower-high resistance after this morning’s CPI release. - Once again, Core CPI printed very closely to the 4% marker as it came in at 3.8% v/s the expectation of 3.7%. This makes for a complicated argument behind rate cuts out of the Fed given that inflation is showing entrenchment per that data point. This stands in contrast to the Core PCE report from a couple of weeks ago, which has continued to fall in a faster fashion. Given the Fed’s recent dovish lean along with commentary around these data points, the USD bias over the past month has been bearish. This morning’s ... (full story)