Friday News: PCI Influence Currencies

Friday News: PCI Influence Currencies

Yesterday the Bureau of Labor Statistics’ CPI release was the same as expected, and now the inflation in the US is 7.9% year-over-year, underscoring the severe inflationary pressures hitting the US economy, with everything from groceries to rent and airline tickets becoming more expensive for everyday consumers.

Due to that, USD rose against most major currencies. For instance, GBPUSD lost almost 1000 points. Now the resistance is 1.31800 and the support is 1.30650.

GBPUSDH1.png

JPY fell to its weakest level against the dollar since January 2017 at 116.72 per dollar.

USDJPYH1.png

EURUSD failed to get above 1.1100 yesterday and settled around 1.0994 as the ECB's hawkish tone failed to boost the single currency's momentum.

EURUSDH1.png

The Hong Kong tech indicator fell more than 6% after the US identified five Chinese firms that could be delisted. US-traded Chinese stocks experienced their worst day since 2008 on Thursday amid renewed concerns from regulators.

Meanwhile, more firms are turning their backs on Russia in response to the invasion of Ukraine. JPMorgan Chase & Co. joined Goldman Sachs Group Inc. to leave Russia.

Today is CAD Unemployment rate release, which can lead to USDCAD’s interesting movements!

Have a good trading day! 

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FED and BOE Make Another Attempt to Beat Inflation
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The Federal Reserve (Fed) will announce its Interest Rate Decision and make a statement about the future monetary policy on Wednesday, September 21, GMT+3. After the higher-than-expected inflation numbers published on September 13, there’s almost no doubt the Federal Reserve will come up with another 75-basis-point rate hike. However, surprised by the CPI numbers, several Fed members announced the possibility of a 100-basis-point rate hike on Wednesday.

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