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Market Participants May Be on Alert for Volatility Swings Following the Release of the U.S. July CPI

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Market Participants May Be on Alert for Volatility Fluctuations Following the Release of the U.S. July CPI

10.08.2022

Today's Highlights
  1. U.S. Consumer Price Index (CPI)
  2. U.S. Fiscal Balance

The U.S. dollar rose slightly against the pound yesterday, with the GBP/USD pair falling from 1.2130 to 1.2061. The U.S. Small Business Optimism Index for July, released yesterday, came in at 89.9, up 0.4 points from the previous month.Although it fell short of the average of 98, the impact on the U.S. dollar was limited. From a technical perspective, the GBP/USD pair continues to follow a downtrend, rebounding from the 75-day moving average (MA) on the daily chart. Since there is room to fall further toward the recent low of 1.2003, caution is advised regarding a potential decline.

European currencies edged slightly higher against the U.S. dollar, with the euro/dollar pair rising by just under 60 pips from 1.0188 to 1.0247.A slight rise has also been observed during today’s Asian trading session, and the pair is currently attempting to climb toward the 1.0215 level. Since the EUR/USD has been trading within a range since July 19, there is a high probability that today’s U.S. CPI release will trigger a breakout in one direction or the other. Traders should pay close attention to price movements following the release of this economic indicator.

Today, the German Consumer Price Index will be released at 15:00 during Asian trading hours; the Turkish unemployment rate at 16:00 during European trading hours; the U.S. MBA Mortgage Applications Index at 20:00; the U.S. Consumer Price Index at 21:30 during U.S. trading hours; U.S. wholesale inventories at 23:00;at 23:30, U.S. weekly crude oil inventories; at 24:00, remarks by U.S. Federal Reserve’s Evans:remarks by Chicago Fed President Evans, at 26:00 the U.S. 10-year Treasury auction, at 27:00 remarks by Kashkari, President of the Minneapolis Fed, and the U.S. budget balance are scheduled. We should remain highly vigilant for significant price fluctuations from European trading hours through U.S. trading hours.

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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