The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
Daily news: Crude oil prices keep rising
- The main focus for EUR/USD today will be on the ECB president Mario Draghi speech at 16:00 MT time. Moreover, Ifo business climate index for Germany will be released today. Most experts expect it to drop to 103.2 in September due to the decrease of PMI. The pair was trading in the red zone on Friday. If bears continue to attack, the support is at 1.1644. However, any positive news from the events mentioned above can change the situation to growth. In that case, watch the resistance at 1.1830.
- The latest US and Chinese tariffs on each other came into effect today at 07:01 MT time. AUD/USD and NZD/USD opened with a gap down, but kept being bullish. The next resistance for the aussie is at 0.7346. Otherwise, watch the support at 0.7184.
- As for NZD/USD, the resistance to follow is at 0.6720. If bears strike back, the support is at 0.6576.
- Countries rejected the claim of the US president Trump to reduce oil prices during the OPEC meeting on September 23. The rise of the prices for crude oil can be explained by the limited output after the US sanctions to Iran. Right now Brent is trading near its psychological level of $80.
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The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now.
On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies.
The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.