CPI report reveals lower inflation and yields extreme volatility in gold and the dollar kitconews gold silver finance investing mining metals economics
The Bureau of Labor Statistics released the Consumer Price Index for July indicating that inflation came in below forecasts by economists polled by Reuters and the Wall Street Journal. Economists polled by various News services predicted a slight decline in inflation from 9.1% in June to 8.8% in July. However, the economist polled overestimated as the actual numbers for July revealed that inflation is running at 8.5% YoY.
The gasoline index fell 7.7 percent in July and offset increases in the food and shelter indexes, resulting in the all items index being unchanged over the month. The energy index fell 4.6 percent over the month as the indexes for gasoline and natural gas declined, but the index for electricity increased. The food index continued to rise, increasing 1.1 percent over the month as the food at home index rose 1.3 percent.
The dollar also had an extremely volatile knee-jerk reaction to today’s report. The dollar index opened at 106.22 and traded to today’s daily low of 104.515 by 11:30 AM EDT. As of 4:52 PM EDT, the dollar index is currently at 105.12 after factoring in today’s decline of 1.07%.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tomorrow's CPI report is anticipated to reveal a fractional decline in inflationExclusive to Kitco News, technical analyst Gary Wagner provides a daily recap of what happened in the gold market, highlighting important events that captured investors' attention during the U.S. trading session. Wagner's commentary features a mix of fundamental news and technical analysis, noting important support and resistance levels.
Read more »
Tomorrow's CPI report is anticipated to reveal a fractional decline in inflationExclusive to Kitco News, technical analyst Gary Wagner provides a daily recap of what happened in the gold market, highlighting important events that captured investors' attention during the U.S. trading session. Wagner's commentary features a mix of fundamental news and technical analysis, noting important support and resistance levels.
Read more »
Gold price weaker following another tamer U.S. inflation reportSenior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
Read more »
U.S. inflation runs cooler than forecast, easing pressure on Fed - BNN BloombergU.S. inflation decelerated in July by more than expected, reflecting lower energy prices, which may take some pressure off the Federal Reserve to continue aggressively hiking interest rates.
Read more »
Bitcoin pulls back to $23K as traders await tomorrow's CPI printBitcoin pulls back to $23K as traders await tomorrow's CPI print kitconews gold silver investing economics finance mining metals
Read more »
Gold price weaker in choppy action after slightly tamer U.S. inflation dataSenior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices? How do the technicals look? By looking at important developments
Read more »