The disconnect between the dollar and US yields in recent trading sessions presented an opportunity for USD bulls to bridge the gap if inflationary pressures showed up in the March CPI report. Indeed, US CPI beat consensus estimates across the board with headline and core inflation surpassing expectations on both the year-on-year as well as month-on-month readings.– via the US dollar basket – was experiencing a decline.
The chart below provides context for the pair, charting a new path at such elevated levels. The blue and red rectangles have been used as guides based on the average price move exhibited over the last two quarters.
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