The US consumer price index for August 2015:
- Prior m/m CPI rise was +0.1%
- CPI +0.2% y/y vs +0.2% expected
- Core CPI +0.1% vs +0.1% expected
- Core CPI 1.8% y/y vs 1.9% expected
- Real weekly earnings +0.7% m/m
- Prior real weekly earnings 0.4% (revised to 0.1%)
- Real avg weekly earnings +2.3% y/y vs +2.2% prior (revised to +2.0%)
The numbers are close to expectations but there was some talk about stronger figures ahead of the release and that proved to be wishful thinking. The good news for the hawks was on the wage side where it showed a slight uptick despite some downward revisions.
The slight miss on core is what's having the impact.
The US dollar initially sold off on the headlines and is coming under a second round of pressure led by the euro but the moves are minor. Then again, the dollar move on retail sales yesterday started as a small one and just kept on rolling.
