The data didn't shock and confirms the current trend in the US economy
There were no shocks in the inflation numbers. Wages were up on the month but down on the year. Year on year the core held up, and the headline rose. Industrial production was lower on the month but we saw a pick up in manufacturing
None of these numbers are re-writing any record books and that sums up the US economy in a nutshell
The dollar is increasingly doing nothing on or after data. We had a big run on the jobs report and then what, we still remained in range. Every data point is now a confirmation that things aren't getting worse (outside of manufacturing), rather than that things are getting better, and that's enough for the market right now
The US economy is steady. That's as good as it's going to get. That is seemingly as good as the Fed needs right now. If they're waiting for some boom times then they'll be waiting a long while.
The signals for the (temporary) end of this USD bull run are growing. I'm becoming more certain that after the Fed hikes, we see a top, and that we may get a very big correction, followed by a period of consolidation. Every trend needs a refresh now and again and if the Fed is setting out on the path of hikes the dollar will remain a buy, but after this rate trade has been cashed in
