The USD moved lower after the US CPI data. The flow of funds saw the "risk on" currencies (AUD, CAD, NZD) gain vs the greenback.

The AUDUSD is trading toward its 100 hour MA at 0.74657. The price is currently trading at 0.7460. A move above that MA would be more bullish in the short term (and the first break since falling below last Wednesday. The low price today did extend below the 50% midpoint at 0.74126, but could not sustain downside momentum and started its rebound to the upside.

AUDUSD moves toward 100 hour moving average

The US stocks are higher with the S&P up 38 points and the Nasdaq up 214 points

The US yields have moved lower with the 2 year down -5.5 basis points to 2.45%. The 10 year is down -4.9 basis points to 2.738%.

Gold is up $7.40 at $1961.15.

The initial reaction is a sigh of relief despite the 40 year high in headline US inflation.