US CPI data hits expectations of rapid interest rate cuts, causing a slight increase in the US dollar The gold prices rose back about $30

On Tuesday (March 12th), due to higher than expected February CPI data released by the United States, the US dollar index surged in the US market, breaking through the 103 mark and ultimately closing up 0.082% at 102.93. The yield of US treasury bond bonds opened lower and rose higher. The benchmark 10-year US bond yield closed at 4.1507%, and the two-year US bond yield, which is most sensitive to the policy interest rate of the Federal Reserve, closed at 4.5842%.

Gold prices retreated nearly $30 on Tuesday (March 12), hitting the 2150 mark at one point and closing at $2,157.98 per ounce, a decrease of over 1%. Earlier, a hot US inflation report dimmed the prospect of the Federal Reserve cutting interest rates soon.

Oil prices closed slightly lower on Tuesday (March 12th), after the US government raised its forecast for crude oil production growth in 2024 and released economic data that was bearish for the market. However, the ongoing geopolitical tensions limited the decline in oil prices.

Due to the higher than expected increase in the consumer price index released by the United States on the same day, the US dollar strengthened against the euro, pound, yen, and Canadian dollar on the 12th, while the US dollar weakened against the Swiss franc and Swedish krone. The US dollar index rose and fell during the day, but continued to rise slightly in the end of the day. The US dollar index, which measures the US dollar against six major currencies, rose 0.09% on the same day and closed at 102.958 at the end of the foreign exchange market.