The greenback rallied sharply across the board, soaring to 1.4412 against the euro and 2.0149 versus the sterling on the heels of strong consumer price inflation data - which further validated the Fed's decision to cut rates by 25-basis points instead of 50-bp, and further tempered expectations for aggressive easing down the road. The catalyst for the dollar's strongest one-day rally against the euro in over three-years was the November CPI report, revealing a jump higher in inflation.

Inflation