The US dollar fell sharply after the latest US CPI data showed inflation easing by more than forecast. US stocks and gold are rallying into the US open.
Markets are now showing an 87% chance of a 25 basis point interest rate cut at the September 18th FOMC meeting.
The US dollar index fell around 40 pips on the news and continues to sell off. The DXY is now closing in on the recent low prints around 104.00 made in early June
US Dollar Index Daily Chart
US indices have now turned positive pre-open with the Nasdaq 100 and the S&P 500 currently showing gains of 0.3% on the session.
Gold is back above $2,400/oz. for the first time since late May, and there is little resistance left on the daily charts until the recent high at $2,450/oz. comes into play.
Gold Daily Price Chart
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