Money News Overview Friday 12th January 2024: The US CPI prints higher than projected

Headline CPI inflation in the United States increased to 3.4% in December, surpassing the 3.2% consensus and up from 3.1% in November.

Core CPI, on the other hand, came in above the expectation of 3.8% but decreased marginally to 3.9% from 4%. Despite evidence indicating that inflation is somewhat persistent in the States.

The major currency pairs have remained range-bound. The dollar rebounded from its previous day’s losses, gaining somewhat during the European session. However, as interest rates fell overnight, the dollar lost some of its gains.

Already today, the November assessment of UK GDP was slightly higher than projected, climbing by 0.3% month on month. However, the data had no effect on sterling in early trading.

The final readings of French and Spanish HICP inflation for December are due later today. However, barring any significant changes, the figures are unlikely to have an impact on the euro.

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