U.S. consumer prices fell in February, dragged by another steep drop in energy prices. However, core inflation managed to tick higher, led by the biggest jump in clothing costs in seven years.
Since the Federal Reserve hiked rates in December, both the European Central Bank and the Bank of Japan have eased policy further. The idea that because they cut rates means that the Fed cannot raise rates is a not a particularly helpful way to think about that is happening.
Oil prices rose on Wednesday following reports major producers will meet next month to discuss output limits and industry data indicated a smaller-than-expected increase in U.S. crude inventories.
Next Trading Day's Important Events
- USDJPY: 113.62
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