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US CPI inflation has surprised the market with another lower-than-expected print. This is having a decisive impact across major forex, commodities and equities.
After not even a day of respite, risk assets are being sold off once more and the USD is a tower of strength. Geopolitical risk and rising bond yields are again key factors.
The picture of the outlook for central banks moving into 2023 is becoming a little clearer. As markets move towards the end of a tumultuous week the USD is emerging as a winner, whilst risk appetite has soured.
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