Markets Expecting US Monthly CPI of 0.2%

 US CPI data will be released today and is expected to show US annualized inflation has increased slightly to 3.3%,


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  1. US CPI (inflation) data is due later today. It has become the key data event in the Forex market over recent years, as it is the main driver of the Fed’s monetary policy. The annualized rate has been falling for many months but is expected to rise now from 3.0% last month to 3.3%. Still, the monthly increase is expected to remain the same, at 0.2%. Any major deviation from that could impact the US Dollar and other associated markets. There will also be a release of US unemployment claims data.
  2. Global stock markets mostly traded lower yesterday due to a tech-led selloff. The NASDAQ 100 Index fell firmly and closed below recent key support levels, which is a bearish sign. Still, recent hours have seen most equity markets recover to some extent.
  3. WTI Crude Oil and Gasoline futures are looking bullish after strongly breaking to new 8-month high prices. Trend traders might find it interesting to be involved here on the long side.  
  4. The US Dollar lacks a convincing long-term trend and currently is consolidating quietly between support at 101.56, and resistance close by at 102.375.
  5. In the Forex market, the Japanese Yen has been the weakest major currency since the Tokyo open, with the Australian Dollar again the strongest, putting the AUD/JPY currency cross into focus. The more prominent USD/JPY currency pair is advancing to new 1-month high prices and is not far from the longer-term high above ¥145.
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