Dollar moves higher on CPI, but retreats

Seeing whipsaw action
The US CPI data saw headline MoM inflation come in at 0.4% vs 0.3% expected and the YoY measures also a bit higher. The knee-jerk reaction was a spike in the dollar. However we are seeing a retracement the other way. (update: Real average wages were lower at 0.9% for avg weekly earnings.