The USD has moved higher after the US CPI data came in hotter than expectations | Forexlive

The USD has moved sharply higher after the higher than expected CPI data. The expectations for the Fed increase by 25 basis points. The market is now targeting a terminal rate between 4.75% at 5.0%. US yields are higher with the 2 year up at 4.48%. The 10 year yield is back above the 4% level.

For the US dollar, the greenback has moved sharply higher.

• The EURUSD has moved below a swing area between 0.96621 and 0.9683. Traders will behind that level as a resistance/bias defining area now.
• The GBPUSD is fighting between UK fiscal policy and the stronger CPI. The 200 hour moving average 1.1187 will be a barometer
• The USDJPY has raced up to a new cycle high of multi-decade high of 1.4750 and above a trendline near 147.25