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Stocks surge, Dollar plummets following tame CPI data print. Inflation figures published on Wednesday finally fell in line with expectations, after consistently coming in higher than expected over the past few months. The year-on-year inflation and core inflation rates came in at 3.4% and 3.6% respectively, which sent ripples of relief among market participants who were beginning to wonder when the US economy would slow down enough to allow the Fed to finally lower interest rates. Adding fuel to the fire, retail sales came in quite a bit lower compared to consensus with the month-on-month falling to 0% and the year-on-year to 3% versus expectations of 3.8%.
The Dollar Currency Index shed 0.7% following the data release, confirming the general sentiment that interest rate cuts are back on the menu. The big three US indices all set new record highs, the DJI gaining 0.88%, the S&P 500 climbing 1.17% and the Nasdaq Composite finishing Wednesday 1.4% in the black.
On the other side of the Pacific, a mixed bag of data from the world’s second largest economy showed Chinese industrial production increase by 6.7% year-on-year, significantly beating expectations, but on the other hand retail sales fell to 2.3% versus a consensus of 3.8%. The Hang Seng Index nevertheless continued its consistent ascent, now up 20% over the past month.
The decline in the Dollar pushed gold 1.2% higher to close at $2,386 an ounce, just under a fresh record high of its own. Those keeping an eye on silver had even more to brag about, with XAGUSD gaining 3.7% to reach $29.6 an ounce.
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