US CPI to set the Dollar’s near-term direction
All eyes are on the US Consumer Prices Index data, due on Wednesday, which is expected to confirm that price pressures remain steady well above the Fed’s target rate.
The USD risk is skewed to the upside, as recent US data has endorsed a “no landing” scenario, that would be confirmed in case of another upside surprise on inflation. Recent hints on wage growth and industrial prices are pointing to resilient inflation.
The technical picture shows the Pound under an increasing momentum, although the failure to confirm above the 1.6680-1.6700 area leaves the broader bearish trend intact. On the downside, supports are 1.6575 and 1.6535
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.