Gold rose, USD/CAD and USD/JPY dropped
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The US CPI is out: will the USD grow?
The US monthly CPI is announced on Tuesday at 15:30 MT time.
Instruments to trade: EUR/USD, USD/CAD, USD/JPY, GBP/USD
In the current circumstances, the CPI is a direct indicator of the US economic recovery. After a slump to 255.768 in April-May, it has been only increasing throughout the next three months to come to the current 259.681. This level is even higher than the last pre-virus high of 259.05 which is a good sign. Now, the question is whether the US economy will keep the pace of recovery. If it does, it will be taken as a positive sign by the market, and the USD may rise on that. Otherwise, weak consumer price data may indicate a slowdown and send the USD into a bearish phase.
- If the CPI exceeds expectations, the USD will rise.
- Otherwise, the USD will fall.
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