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Forex Today: Markets expect unchanged US inflation data

Forex Today: Markets expect unchanged US inflation data

New US inflation data due out today is expected to show that the annualized pace of inflation has not slowed.

➡️ US CPI data will be released today, which is undoubtedly the key driver of the US dollar and therefore the broader Forex market these days. Markets expect an unchanged annualized rate of 3.1%, but CPI is expected core will show month-over-month growth of only 0.4%, compared to the 0.3% increase recorded in the previous month. A surprise reading of weaker inflation will likely send the dollar sharply lower and the stock markets US prices rise, while a surprise in the opposite direction will likely have the opposite effect.

➡️ Bitcoin yesterday  advanced again to hit a new all-time high just below $73,000The price has retreated, but the price action short term looks bullish. Trend traders will be interested here on the long side.

➡️ The price  Of their  is showing the first signs of having reached a high on Friday at the record level of $2195. However, these are only initial signs, and it is unlikely that the bulls begin to exit long-term positions until a deeper bearish pullback occurs.

➡️ In the Forex market, the Swiss franc has been the strongest major currency since the Tokyo open today. The Japanese yen was the weakest.

➡️ The US Treasury will hold a 10-year bond auction later today.

➡️ UK claimant count change data (unemployment claims) was more or less as expected.

 

Credit by DailyForex.com

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