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The US Inflation Rate (CPI) will be announced on Wednesday, October 13, at 15:30 MT (GMT+3). The inflation rate measures the month-over-month change in the price of goods and services. Traders eagerly await this event as it will impact the USD and thus the vast majority of currency pairs in the Forex market.
The Federal Reserve makes policy decisions based on the Inflation Rate data. Thus, not only the actual inflation data but even traders’ expectations for the CPI release increase volatility in the Forex market. Last time, inflation was 0.3%, which was worse than expected. As a result, USD/JPY dropped sharply.
It depends on whether the actual Inflation Rate exceeds the market forecast or not. The forecast will appear a few days before the release in the economic calendar. The better-than-expected inflation rate would force the Fed to raise rates. As a result, the USD will surge. 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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