Forex Today – 13/03: US Inflation Ticks Higher to 3.2%

New US inflation data released yesterday showed that inflation remains relatively strong, with the annualized rate rising month-on-month from 3.1% to 3.2%.

  1. Yesterday’s release of US CPI data showed the annualized rate rising from 3.1% to 3.4%, with Core CPI showing month-on-month growth of 0.4%, compared to the 0.3% expected. Despite the slightly bad news, US stock markets still look bullish, with the benchmark S&P 500 Index closing yesterday at a new all-time high price. The US Dollar barely moved despite the data.
  2. Bitcoin advanced again yesterday to make a new all-time high just above $73,000. The short-term price action looks bullish. Trend traders will be interested here on the long side.
  3. The price of Gold is showing initial signs of having topped out on Friday at a record high of $2195. However, these are only initial signs, and bulls are not likely to start getting out of longer-term positions yet until a deeper bearish pullback might be made.
  4. In the Forex market, the New Zealand Dollar has been the strongest major currency since the Tokyo open today. The Swiss Franc has been the weakest.
  5. In the commodities market, Cocoa futures rose strongly yesterday to reach new multi-year highs. Trend traders will be keen to be involved in this very long-running trend on the long side.
  6. There will be a release of UK GDP data later today, which is expected to show a month-on-month increase of 0.2%.
  7. Analysts in Japan are expecting sizable corporate wage rises will be agreed this week, which will likely trigger an abandonment by the Bank of Japan of its current ultra-loose monetary policy as soon as next week.

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