Forex Today: US Inflation Expected To Fall To 3.3%
- Markets are awaiting the release of very crucial US CPI (inflation) data later today. The data are widely expected to show a monthly increase of only 0.1%, which will bring the annualized rate firmly lower to only 3.3% if reached. The US Dollar is strong, so a higher-than-expected inflation print today would probably produce a strong surge in the greenback.
- In the Forex market, the US Dollar has been firm, but the standout event has been a weak Japanese Yen, which sent the USD/JPY currency pair to a new 1-year high price, just a few pips below the 33-year high just below ¥152. The price spiked down strongly but recovered to rise to regain most of its value and will be attracting trend trades on the long side. Since the Tokyo open, the Forex market has made little directional movement, and this will probably continue until the US CPI data release later.
- Crude Oil continues to recover after reaching near 3-month low prices last week.
- There will be 3 high-impact data releases today:
- UK claimant count change
- Australia wage price index
- Chinese industrial production
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