🔻🔺Market Impact: U.S. Inflation Reports

• Market benchmark index has fallen on 7/10 U.S. prices report, the largest declines were recorded on data surprises of 0.2pp or more

• May and June reports were the largest surprises seen this year at 0.3pp, the market fell by 2.9% and 0.5%, respectively

• Dollar average response sees gains 30 min after the release, on average, a dollar benchmark rises by end of day on CPI days