Will the U.S. CPI fall to 2.6% as expected? Market participants remain on guard against sharp price movements.
11.09.2024
- U.S. Consumer Price Index
- U.S. Weekly Crude Oil Inventories
In yesterday’s U.S. currency trading, the U.S. dollar weakened against the yen. The USD/JPY pair fell from 143.706 to 142.209. On the hourly chart, it dropped from the +2σ to the -2σ Bollinger Band. On the 4-hour chart, the pair fell just below the 20-period moving average, and on the daily chart, it rebounded after touching the 10-period moving average. We will monitor the situation closely to see if today’s U.S. CPI data triggers further weakness in the U.S. dollar.
European currencies saw the pound fluctuate against the U.S. dollar after yesterday’s release of the UK’s August employment statistics showed the unemployment rate remained unchanged from the previous month at 4.7%. The GBP/USD pair traded between 1.3048 and 1.3107, with price action straddling the 20-period moving average on the hourly chart.On the 4-hour chart, the 20-period moving average is acting as a resistance level, while on the daily chart, the RSI continues to decline after rising above 70.
Today’s economic indicators include remarks by NZ RBNZ Deputy Governor Silk at 6:05 a.m., South Korean employment statistics at 8:00 a.m., remarks by Australian RBA Deputy Governor Hunter at 9:20 a.m., the U.S. presidential candidate debate at 10:00 a.m., and at 3:00 p.m., UKIndustrial Production, UK Manufacturing Output, UK Trade Balance, and UK GDP at 9:20 AM; the US MBA Mortgage Applications Index at 8:00 PM; Mexico’s Industrial Production at 9:00 PM; the US Consumer Price Index at 9:30 PM; US Weekly Crude Oil Inventories at 11:30 PM; and the US 10-Year Treasury Auction at 2:00 AM.We should be on the lookout for sharp price movements following the release of the U.S. CPI, as the market is watching to see if it will fall to 2.6% as expected.
Author: Keisuke Sakurai
