The American inflation rate is announced on Tuesday at 15:30 MT. It’s an important event for traders as it will impact hugely currency pairs with the USD.
Forex today: an important day for the USD
- Nothing important happened in the economic world, as a result, no significant changes in currencies’ movements.
- The US dollar index is moving to an important level of $94. If it’s able to break above it, the further rise is anticipated. Positive economic data and comments of the Fed will be able to pull the index above $94. PPI figures will be out at 15:30 MT time, later the Federal Reserve will release the interest rate (21:00 MT time). The forecast for the economic data is encouraging. Moreover, a rate hike is anticipated. The USD has good chances.
- The euro didn’t get a support from economic data and as a result, couldn’t break the strong resistance at 1.18. Up to now, EUR/USD is trading below the pivot point at 1.1750. No important data will be released today. There are risks that the pair won’t be able to break above the pivot point. The support is at 1.1670.
- GBP/USD is moving down. On Tuesday, the pair couldn’t break the resistance at 1.34 and fell. CPI and PPI input data will be released at 11:30 MT time. If the actual data are greater than the forecast ones, the pound will be able to appreciate and the pair will return to the resistance at 1.34. Otherwise, the fall to the support at 1.33 is anticipated.
- Negative news for the Australian dollar led to its further fall. First of all, RBA Governor Mr. Lowe said that likely the next move of the interest rate will be up not down, however, it will happen not in the near-term. Secondly, US President Mr. Trump announced new tariffs on China this Friday. Trade wars tensions cause a depreciation of the Australian dollar as China is the major trade partner of Australia.
On Tuesday, AUD/USD rebounded from the resistance at 0.76. Up to now, the pair is moving to the support at 0.7550. No important economic data will be released today, so the further fall is anticipated.
- Oil is moving down again. Crude oil inventories data will be released today at 17:30 MT time. The forecast is positive for oil prices. If the actual data is greater than the forecast, oil will be able to turn around. Brent is near $75, WTI is trading near $66.
- USD/CAD has come to the resistance at 1.3040. No important data for the Canadian dollar will be released today. Moreover, if the greenback strengthens after the release of the US data, the pair will break the resistance and will move to the next one at 1.3130. The support is still at 1.2950.
- Bad days for Bitcoin. The cryptocurrency broke the support at $6,500. The next psychological level is at $6,000.
That is all for today. Follow markets news with us!
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Today traders await the US inflation data to be out at 15:30 MT. Jump in to get fresh trade ideas for today!