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13 Jul 2023

Softer US data triggers capitulation across currency markets

The dollar is in retreat and currency markets are undergoing a broad-based realignment a day after data was released showing that policymakers might be close to pulling off an “immaculate disinflation” – in which price growth slows without triggering a big rise in unemployment. According to the numbers from the Bureau of Labor Statistics, headline inflation fell to 3 percent year-over-year and core price growth slipped to 4.8 percent in June. Perhaps more importantly, core consumer prices climbed at an annualized 1.9 percent month-over-month pace, with core goods turning negative and the core services category growing at its slowest pace in...

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