John J Hardy
Saxo Bank’s head of FX strategy John Hardy takes a closer look at trends and moves in today’s forex charts, including EURUSD, USDJPY, AUDUSD, and EURSEK.
Squawk / 14 February 2018 at 13:49 GMT
Head of FX Strategy / Saxo Bank
Today's US data is as risk-unfriendly as possible. We just saw a higher than expected Jan. US CPI inflation print for both the headline and core and very weak Retail Sales report of -0.2% ex Autos and Gas with a downward revision of the December data as well. These were the most prominent data releases since the February 2 Average Hourly Earnings surprise that generated the narrative leading to the meltdown in risk appetite: fears that the entire US yield curve will come unglued and rise on rising inflation and fiscal irresponsibility from the US government. The data today only underlines that narrative of mini-stagflation (higher inflation on a weakening economy).

This could be a very volatile day ahead in US session as it is a key sentiment test after the recent volatility. If bad nerves get worse, we could see more of the strong USD and even stronger JPY from here in forex.
AlexF AlexF
John AUDUSD look interesting on that dip ? Gold is back where it was pre CPI and USD is tanking again ? Went back into AUSUSD
AlexF AlexF
long audusd
lab lab
Huh? Collapse in dollar index after brief spike


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