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Should We Be Wary of Price Movements This Weekend Following the U.S. CPI Release?

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Should We Be Wary of Price Movements This Weekend Following the U.S. CPI Release?

11.02.2022

Today's Highlights
  1. UK Q4 GDP (Preliminary Estimate)
  2. University of Michigan Consumer Sentiment Index

In U.S. markets the previous day, the U.S. dollar surged after the U.S. Consumer Price Index (CPI) came in higher than expected at 7.5%. The EUR/USD pair rose briefly before breaking below the lower boundary of its trading range at 1.140 and falling to 1.137.The key point to watch for the EUR/USD pair is whether it can firmly break above 1.138—which is near the 200-period simple moving average (SMA) on the hourly chart—with a solid candlestick body.

Among European currencies, the euro has weakened slightly against the pound, with the EUR/GBP pair falling back from 0.844 to 0.841.The GBP/USD pair has begun to break below the ongoing 1.351–1.358 range and is now trading below the 200-period SMA on the hourly chart; we will be watching closely to see if it declines during today’s U.S. trading hours.

Today, at 16:00 European time, the UK’s fourth-quarter GDP (flash estimate),UK industrial production, UK manufacturing output, UK goods trade balance, German Consumer Price Index, and Turkish industrial production are scheduled for release at 16:00 during European trading hours; the Swiss Consumer Price Index is scheduled for 16:30; and the University of Michigan Consumer Sentiment Index is scheduled for 24:00 during U.S. trading hours.With Japanese markets closed for a holiday, I intend to closely monitor the situation to see if any significant price movements occur during U.S. trading hours this Friday.

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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