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The US CPI and core CPI are due at 15:30 MT time on May 12.
Instruments to trade: EUR/USD, GBP/USD, USD/JPY, USD/CAD
The consumer price index (CPI) measures the majority of overall inflation. It demonstrates the change in the value of goods and services purchased by customers over a certain period. The core level does not take into account food and energy prices due to their volatility. It is not a secret that the inflation is falling right now amid the lockdown in the American cities. We have already seen a decline in CPI indicators in March. Both measures fell lower than analysts predicted: headline indicator was down by 0.4% (vs. -0.3% expected) and core figures shrugged off experts’ anticipation of a rise of 0.1% with -0.1% reported. With the situation not getting any better, we may expect even lower figures on May 12. Will we see a surprise?
• If the indicators are higher than the forecasts, the USD will rise;
• If the indicators are lower than the forecasts, the USD will fall.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
The US dollar’s weakness offered a boost to emerging-market currencies and oil.
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