According to analysts from Wells Fargo, today’s inflation numbers from the US do not change the upward trend. Key Quotes: “CPI came in softer than expected in March with both the headline and core indices rising 0.1 percent. Even with the softer figures, the trend remains upward and could test the Fed’s stance on data dependency in June.” “The March report marks the first gain in the headline CPI since last November. As expected, the headline was boosted by a rebound in energy prices, which rose 0.9 percent.” “Although the Fed prefers the PCE deflator, the core CPI’s upward trend is another sign of inflation quickly moving back to levels more consistent with the Fed’s goals. “However, with global considerations appearing to take on greater importance in FOMC policy deliberations, we also see a possibility of the Fed tolerating a further pickup in inflation before moving ahead with Normalization.” For more information, read our latest forex news.