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.
Market updates on November 22
Key events ahead
British CIPS Manufacturing PMI Flash – 11:30 MT time (09:30 GMT)
Canadian Monthly Retails Sales – 15:30 MT time (13:30 GMT)
- On the H1 chart of EURUSD, the price dropped to the level of 1.1056 yesterday evening, then went up into a correction. If the next Parabolic indicator’s mark completes as the third in the row in the upward direction that will reconfirm the bullish trend. In this case, the bulls may have 1.1081 and 1.1092 as the resistance levels. The bears may locate the support levels at 1.1062 and 1.1056.
- On the H1 chart of USDCAD, the Stochastic Indicator shows the fast line crossing the slow line upside down within the oversold zone. That means that the price will be soon under pressure down. If the downward movement breaks through the local support levels of 1.3271 and 1.3263, it will have the next target at 1.3202. The resistance levels may be located at 1.3288 and 1.3324.
- On the H1 chart of GBPUSD, the price shows a sideways movement above the support level of 1.2893. If the British economic data to be released today is positive, the GBP may gain strength and aim at the resistance levels of 1.2932 and 1.2964. Otherwise, an additional support level may be placed at 1.2873.
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.