The Bureau of Labor Statistics (BLS) will publish the highly anticipated Consumer Price Index (CPI) inflation data from the United States (US) for May on Wednesday at 12:30 GMT.
The US Consumer Price Index is forecast to rise 3.4% YoY in May, at the same pace as in April. Annual core CPI inflation is expected to inch lower from 3.6% in April to 3.5% in May. The inflation data could impact the US Dollar value and the September rate cut expectations. The Bureau of Labor Statistics will publish the highly anticipated Consumer Price Index inflation data from the United States for May on Wednesday at 12:30 GMT.
Dhwani Mehta, Asian Session Lead Analyst at FXStreet, offers a brief technical outlook for EUR/USD and explains: “The Relative Strength Index indicator on the daily chart holds below 50 ahead of the US inflation data, indicating a bearish outlook for EUR/USD in the short term. Further, the pair has broken below all the major Simple Moving Averages on the daily time frame, adding to the downside bias.” “If EUR/USD rises above the key supply zone near 1.
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