To recap:
- US Oct CPI 1.7% vs 1.6% y/y expected
- Philly Fed Nov 40.8 vs 18.5 exp — highest since 1993
- US Oct existing home sales 5.26m vs 5.15m exp
The only bad news was a slightly softer initial jobless claims report.
USD/JPY tried to rally on the CPI and Philly Fed numbers but quickly failed both times. I often say that the worst news of all is when something can’t rally on good news.
It’s only one day but that’s a big warning sign for US dollar bulls.
