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There has been an enormous market reaction to the higher than expected US inflation data. USD has regained strength across major forex, hitting commodities and indices too
Precious metals have fallen in recent weeks, hit by the incessant dollar strength. They are now back at some crucial inflection points.
USD gains in recent sessions have come as yields have ticked higher. However, as yields fall over this morning, the USD is pulling back. This sensitivity will only increase as the FOMC meeting approaches.
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