Inflation Data Slams the US Dollar

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The US dollar has collapsed as US inflation data has finally showed signs of cooling. Yields have weakened as investors are looking for any signs of a pivot in the Fed's hawkish stance. We have smashed through several support levels, and are currently finding support above 108.50. We should see some ranging start to kick in as the markets digest the news. This level is likely to hold but if not, 107.20 is the next level down. We should see resistance in the low 109's.