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The US Inflation Rate (CPI) will be released on Wednesday, November 10, at 15:30 MT (GMT+2). This indicator measures the month-over-month change in the price of goods and services. The inflation report will affect the US dollar and thus almost the entire Forex market.
The Federal Reserve makes policy decisions based on the Inflation Rate data, that’s why not only the actual report but also traders’ expectations for the Inflation Rate release increase volatility in the Forex market.
The last report showed that inflation was 0.4%, which was better than the expected 0.3%. As a result, EUR/USD dropped by 140 points. Pay attention that EUR/USD falls when the USD rises, and vice versa, EUR/USD rises when the USD falls. Besides, take into consideration the trend and strong support levels. On the day of the release, the pair was trending up and when it met the 50-day moving average (the red line) it reversed up.
Compare the actual Inflation Rate with the market forecast. The forecast tends to appear a few days before the release in the economic calendar. The strong Inflation Rate report can force the Fed to raise rates earlier than expected. It should push the USD up. Here’s the rule below, but remember that every rule has exceptions sometimes!
Instruments to trade: EUR/USD, USD/JPY, all other majors, and also gold (XAU/USD).
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.
Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!
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.
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.
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