Maybe the CPI report wasn't a game-changer after all.
Equities largely recouped the CPI gains yesterday and now the US dollar is doing the same. The euro is now just 10 pips below where it was before the hot US inflation report.
EURUSD 10 mins
Meanwhile, the New Zealand dollar is now trading above pre-CPI levels.
In the bigger picture, it's still a mixed bag with the yen, pound and loonie all still comfortably below CPI levels but much of that is due to domestic factors.
Former Boston Fed President Eric Rosengren was right:
