When is the US consumer inflation (CPI report) and how could it affect EUR/USD? – by hareshmenghani CPI UnitedStates Fed EURUSD Currencies
American session at 13:30 GMT. On a monthly basis, the headline CPI is anticipated to have risen by 0.3% during the reported month as compared to the 0.4% increase recorded in October. The yearly rate, however, is expected to decelerate to 7.3% in November from the 7.7% previous. Meanwhile, core inflation, which excludes food and energy prices, is projected to remain steady at 0.3% in November and decelerate to 6.1% on yearly basis from 6.3% in October.
Analysts at ANZ offer a brief preview of the key macro data and explain: “We expect US core CPI to rise by 0.4% MoM in November. Goods prices are trending in a disinflationary/deflationary manner, while CPI rent will remain elevated until mid-2023 and should trend lower thereafter. Key to the inflation outlook will be the prices of services excluding rent. As wages are the largest cost in providing these services, watching labour market trends will be important.
The immediate market reaction, however, is likely to remain limited as investors might prefer to wait for the highly-anticipated FOMC policy decision, scheduled to be announced on Wednesday. Nevertheless, any meaningful divergence from the expected readings should infuse somein the markets and allow traders to grab short-term opportunities around the EUR/USD pair.
Eren Sengezer offers a brief technical outlook for the major and explains: “EUR/USD holds above the 20-period and the 50-period Simple Moving Averages on the four-hour chart. The Relative Strength Index indicator on the same chart stays slightly above 50, pointing to a lack of seller interest.” Eren also outlines important technical levels to trade the EUR/USD pair: “On the upside, 1.0580 aligns as interim resistance before 1.0600 and 1.0630 . Supports are located at 1.0520 , 1.0500 and 1.0450 .”
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/USD holds in bullish territory awaiting US CPI and the FedEUR/USD is trading near 1.0535, mostly consolidated while traders get braced for interest rate decisions from a slew of central banks this week. The E
Read more »
EUR/USD: Weekly Forecast 11th December \u2013 16th DecemberThe EUR/USD will begin trading near the 1.05325 price range when the markets open on Monday.
Read more »
Pairs in Focus This Week-USD/JPY, EUR/USD, AUD/USD, GBP/JPYGet the Forex Forecast using fundamentals, sentiment, and technical positions analyses for major pairs for the week of December 11th, 2022 here.
Read more »
EUR/USD Price Analysis: Bulls eye a break of key 1.0550 area, eyes on 1.0600As per the prior analysis, EUR/USD bulls have committed to the course and remain on the front side of the bullish dynamic trendline support as the fol
Read more »
EUR/USD stays defensive above 1.0500 with eyes on US Federal Reserve, European Central BankEUR/USD treads water around 1.0530 as the bumper week begins, having witnessed the first weekly loss in three. In doing so, the major currency pair po
Read more »
EUR/USD Price Analysis: Bears breakdown the trendline support, eye test of 1.0500As per the pre-market open analysis, EUR/USD Price Analysis: Bulls eye a break of key 1.0550 area, eyes on 1.0600, the upside levels are eyed at 1.055
Read more »