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Attention May Turn to the U.S. Core PCE Deflator

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Attention on the U.S. Core PCE Deflator?

30.04.2021

Today's Highlights
  1. U.S. Core PCE Deflator
  2. Rising Stock Prices and a Weak U.S. Dollar

Yesterday, stock prices were mixed in European markets but rose in U.S. markets, resulting in a market environment characterized by rising stock prices, a weaker dollar, and higher interest rates.The U.S. initial jobless claims figure released yesterday was also well-received, falling for the third consecutive week to 553,000. While the U.S. dollar has pulled back, gold has not risen and is trending lower, currently trading around $1,767.

In the foreign exchange market, the U.S. dollar rose yesterday alongside a rise in the yield on 10-year U.S. Treasuries, but it has been losing steam during today’s Asian trading session. The USD/JPY pair is currently trading around 108.8, but support remains firm as buying interest is expected to emerge if the pair falls to around 108.5.From a technical perspective, the daily chart appears to be forming the right shoulder of a triple top pattern, but depending on today’s interest rate movements, there is a possibility the pair could break above 109.2, so caution is warranted.

Today, at 14:30, France’s Consumer Price Index (flash estimate) and Producer Price Index will be released; at 16:00, remarks by SNB Governor Jordan of Switzerland; at 18:00, the Eurozone’s Consumer Price Index (flash estimate) and first-quarter GDP (flash estimate);at 9:30 PM, Canada’s GDP, U.S. personal income, U.S. personal spending, and the U.S. core PCE deflator; at 10:45 PM, remarks by U.S. Federal Reserve Bank of Dallas President Kaplan; and at 11:00 PM, the U.S. University of Michigan Consumer Price Index (final reading).As this is the last day of the month, traders should be on the lookout for sudden price movements caused by position unwinding.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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