U.S. Consumer Prices Increase
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The White House keeps insisting that inflation is a thing of the past. The latest Consumer Price Index numbers help prove otherwise.
Tech led US stocks higher on Tuesday as a key consumer inflation print showed inflation accelerated in June, big banks kicked off earnings season, and Nvidia was set to receive a green light for trade with China from the Trump administration.
The EUR/USD pair trades with a soft tone in the 1.1640 region, with the US Dollar entering the American session with moderate strength. The Greenback suffered a short-lived downturn following the release of United States (US) inflation figures.
US consumer inflation rose 2.7% in June, driven by higher energy costs and tariffs, according to government data.
The June consumer price index will be the latest glimpse into whether tariffs are having an effect on consumer prices.
The president is heaping criticism on Fed Chairman Jerome Powell as markets await the latest inflation numbers.