
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
The US will reveal the Producer Price Index (PPI) on January 13, Thursday, at 15:30 GMT+2.
The PPI is a leading indicator of consumer inflation as bigger charges by producers lead to higher costs for consumers and push inflation up. When inflation is higher than the Fed’s target, the bank can increase rates to cool down inflation. Higher rates, in turn, will push the US dollar up and gold down.
Last time, the PPI was 0.8% – greater than analysts expected. It reinforced the expectations that the Fed would hike rates sooner than initially thought. It was a bullish factor for the greenback. Thus, the USD/JPY rose by 200 points after the report!
Open the economic calendar a few days before the report and check the market forecast. If it’s considerably higher than the previous numbers, the USD can start rising before the release, and vice versa.
Instruments to trade: all the major pairs and XAU/USD.
Oil prices are rising and Russia banned the export of its petrol. What's happening in the markets?
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Don’t waste your time – keep track of how NFP affects the US dollar and profit!