November 2017 US CPI report 13 November 2017
- Prior 2.0%
- Core 1.7% vs 1.8% exp y/y. Prior 1.8%
- Real average weekly earnings -0.3% vs 0.0% exp m/m. Prior -0.1%. Revised to 0.1%
- 0.8% vs 0.4% prior y/y. Revised to 0.3%
- Real average hourly earnings 0.2% vs 0.4% prior y/y. Revised to 0.2%
Core soft and mixed on the wages.
The soft core number has done the damage here. Weekly earnings on the month are soft but much better y/y. USDJPY has fallen to a low of 112.97 and I’ve taken a small long at 113.06 on this dip. If the Fed has a hike on their minds today, this data doesn’t change anything. What it might do (as I wrote prior to the data) is have the market scaling back the timings of future hikes.