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.
USD Holds the Line
Good morning, dear traders! Are you ready for a new trading day? Let’s see what news can shake the market today.
Today’s key events
15:30 GMT+2, US Goods trade balance
The US dollar index keeps holding the global support level
US dollar index, H4 timeframe
The US dollar index keeps rounding above the 103.60, January 2017 and March 2020 highs. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now.
Other important news:
- Tesla extends production shutdown at Shanghai factory amid Covid-19 outbreak.
- China will reopen borders despite the rise in Covid-19 cases.
- The US, Asian and global stocks still remain down about 20% this year, which is the worst annual performance since 2008.
- XAUUSD breaks above the 1804.00, 61.8 Fibonacci level as the USD declines. The next major resistance is 1812.00.
- Equities markets in Hong Kong and Australia remain closed Tuesday.
- There is deathly silence in the crypto market. Out of boredom, analysts draw different figures of technical analysis. Judging by them, #BTC is at a tipping point and a massive momentum is approaching.
- GBPUSD reached the resistance level of 1.2110. The breakout of this level might open the way to 1.2165 for the pair.
- Elon Musk, Sam Benkman-Fried, Jeff Bezos, and Mark Zuckerberg made it to The Guardian's list of the worst tech executives of 2022.
Have a great day!
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.
Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!
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.