Headline CPI dropped massively as energy and food prices see large declines. UK government achieves its target of halving inflation ahead of next week’s Autumn Statement

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This article focuses on the technical outlook for EUR/USD, GBP/USD, Nasdaq 100 and gold, taking into account the key price levels in play following the explosive market moves in the wake of weaker-than-expected U.S. inflation data.

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CPI was the latest US data point to turn lower, following a developing trend since the softer October jobs print. The USD selloff weighs on USD/JPY while GBP/JPY eyes resistance

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OPEC and the IEA have both upped their oil-demand forecasts while US inflation report bolsters hopes that rates will stay on hold

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U.S. headline CPI eased to 3.2 % year-on-year in October, down from September’s 3.7%, a slow but welcome directional improvement for the Fed, which targets an inflation rate that averages 2.0% over time.

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