The US dollar edged higher, while gold dipped down. Let’s discuss main news and market movements in detail.
Trade GBP on the crucial economic event
British CPI reading will be out at 11:30 MT time on October 17.
The Consumer Price Index is the leading indicator for every economy as it reflects the inflation level. The central bank forms its monetary policy according to this level. That’s why it is not a surprise that great CPI data pulls the GBP up, weak data pushes it down.
Last time the data was released on September 19. It outperformed the forecast (2.7% vs 2.4%). As a result, the GBP/USD pair rose significantly from 1.3097 to 1.3213.
• If CPI is greater than expected, the GBP will rise.
• If CPI is weaker than expected, the GBP will fall.
The market sentiment improved after the USA reported some decreasing in coronavirus hospitalizations. Gold dropped below $2 000 and the US dollar dipped down, while stocks surged. Let’s have a closer look.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.
Follow the report on August 14 at 15:30 MT time!
The market sentiment switched to risk-on. The US dollar is dipping down, while riskier assets are rising, especially the Australian dollar after the positive employment data. All eyes on US unemployment claims.
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