The dollar just spiked after a bunch of strong data.
The US dollar index is up by 0.4% at 101.69 as of 8:43 a.m. ET.
Minutes earlier, the US saw a bunch of strong data including:
- Consumer prices surged by the most in four years in January. The consumer price index (CPI) — comprised of a basket of items ranging from clothes to pills — rose 0.6% month-on-month (0.3% was expected.) Year-on-year, CPI increased by 2.5% (2.4% forecast.)
- Retail sales came in well ahead of expectations for January. Retail sales registered a 0.4% gain, above the 0.1% jump for the month expected by economists. Additionally, December retail sales were revised up significantly, to 1% growth from the original estimate of 0.6% growth.
- The New York Empire State Manufacturing index soared to 18.70 in February — the highest level in over two years. “Indexes for the six month outlook suggested that respondents remained highly optimistic about future conditions,” the New York Fed’s report noted.
Below, the jump in the dollar: