The United States (US) Bureau of Economic Analysis (BEA) will release the high-impact core Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s (Fed) preferred inflation gauge, on Friday at 12:30 GMT.
The core Personal Consumption Expenditures Price Index is seen rising 0.2% MoM and 2.7% YoY in July. Markets fully price in an interest-rate cut by the US Federal Reserve in September. A hotter-than-expected PCE inflation data could rescue the US Dollar ahead of next week’s Nonfarm Payrolls. The United States Bureau of Economic Analysis will release the high-impact core Personal Consumption Expenditures Price Index, the Federal Reserve’s preferred inflation gauge, on Friday at 12:30 GMT.
The 14-day Relative Strength Index stays firm well above 50, justifying the major’s bullish potential.” “Acceptance above the 13-month high of 1.1202 is needed on a daily closing basis to challenge the 1.1250 psychological level. Alternatively, a sustained break below the abovementioned 23.6% Fibo support at 1.1107 could open up the downside toward the 38.2% Fibo level of the same advance, aligned at 1.1045.
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