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Should We Pay Attention to CPI Results from Various Countries?

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Should We Pay Attention to CPI Results from Various Countries?

18.05.2022

Today's Highlights
  1. U.S. 20-Year Treasury Auction
  2. Canada: Consumer Price Index

The U.S. dollar traded weakly against the euro yesterday, with the EUR/USD pair rising 130 pips from 1.042 to 1.056.Since the EUR/USD pair has retraced to around 1.056—the range seen through last week—its future direction may become unclear. For now, we should adopt a wait-and-see approach regarding the market’s direction, taking into account today’s economic data releases.

Among European currencies, the pound emerged as the strongest, with the GBP/USD pair rising by more than 180 pips from 1.231 to 1.249. Since the GBP/USD has firmly broken above the 200-period SMA on the hourly chart, we will be watching to see if it can surpass this month’s high of 1.263, while also considering its relative strength compared to other currencies.

Today’s schedule includes the UK Consumer Price Index and UK Retail Price Index at 15:00 European time, the Eurozone Consumer Price Index at 18:00, and—once U.S. trading hours begin—the Canadian Consumer Price Index, Canadian Housing Price Index, U.S. Housing Starts, and U.S. Building Permits at 21:30,at 23:30, U.S. weekly crude oil inventories; at 26:00, the U.S. 20-year Treasury auction; and at 29:00, remarks by Harker, President of the Federal Reserve Bank of Philadelphia. We will monitor currency strength and weakness while keeping a close eye on the consumer price indices of various countries to gauge the direction of inflation trends.

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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