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Should We Pay Attention to CPI Results from Various Countries?

Market Report

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

U.S. currencies traded weakly against the euro yesterday, with the EUR/USD pair rising 130 pips from 1.042 to 1.056.Since the EUR/USD has retraced to around 1.056—the range seen through last week—the direction of the market may become unclear going forward. For now, we should adopt a wait-and-see stance 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 taking into account its relative strength compared to other currencies.

Today, during European trading hours, the UK Consumer Price Index and UK Retail Price Index will be released at 15:00, followed by the Eurozone Consumer Price Index at 18:00. Once U.S. trading hours begin, the Canadian Consumer Price Index, Canadian Housing Price Index, U.S. Housing Starts, and U.S. Building Permits will be released at 21:30,at 11:30 p.m., U.S. weekly crude oil inventories; at 2:00 a.m., the U.S. 20-year Treasury auction; and at 5:00 a.m., remarks by Harker, President of the Federal Reserve Bank of Philadelphia. We will monitor the consumer price indices of various countries to gauge currency strength and assess 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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Should We Keep an Eye on the Direction of the U.S. Dollar, Which Is Finding Support at Lower Levels?
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