
Gold and Silver are the only legitimate means of payment according to the US Constitution
Gold and Silver are the only legitimate means of payment according to the US Constitution
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Gold and Silver are the only legitimate means of payment according to the US Constitution

EUR/USD price action turned volatile on Wednesday as the pair struggled to hold early gains following the latest US Consumer Price Index (CPI) report, a key driver for Federal Reserve interest rate expectations and US dollar direction. The euro briefly surged on signs of cooling US inflation but quickly lost momentum as traders reassessed the broader policy outlook.

US inflation came in broadly in line with expectations, sending expectations of a September hike down to 40% from 55% just over a week ago. Though it seems forex traders may have been positioned for a weaker set of figures, given the US dollar index traded higher on Wednesday.

Gold confirms a bullish reversal above key resistance, strengthening the case for an advance toward the 200-day moving average near $4,502.

Gold price shines above $4,400 as inflation dip fuels Fed relief

Silver Price Forecast: XAG bullish with eyes on 200-day SMA

Gold has priced a Fed pause. The hike is still coming

USD/CHF Price Forecast: Bearish flag forms as bulls eye 0.8200

The USD is bouncing in late US trade following this morning's CPI print, which came in right at the expected 3.4% and 2.5% for headline and core. At this point it still looks like the USD/JPY pair is dominating Dollar flows and that showed throughout today's trade, with an early-morning sell-off in both markets reversing after the data release.

Precious metals moved higher as U.S. Inflation Rate declined to 3.4%.

EUR/USD Price Forecast: Fading bullish momentum puts focus on 1.1500 support

Pound Sterling Price News and Forecast: GBP/USD holds near 1.3500 as CPI relief meets Hormuz risk

Gold & Silver recovery gains momentum, but confirmation is needed; Elliott Wave intraday analysis

The American currency is moving higher as traders focus on inflation data.

Silver jumps more than 2% after US inflation meets expectations