Potential for the further rally on USD/JPY and strong sign of strenght in the backgorund >
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EUR/USD climbs to multi-month highs above 1.1000 ahead of US CPI
EUR/USD preserves its bullish momentum and trades at its highest level since early January above 1.1000 on Wednesday. The pair shrugs off mixed Eurozone GDP, employment and industrial figures, as it draws support from broad USD weakness ahead of the key US CPI inflation data.
GBP/USD holds UK CPI-led losses near 1.2850, focus shifts to US inflation
GBP/USD is consolidating losses near 1.2850 in European trading on Wednesday. The data from the UK showed that the annual core CPI inflation softened to 3.3% in July from 3.5%, causing Pound Sterling to lose interest. US CPI data is next in focus.
Gold upside limited by overextended positioning, say analysts
Gold (XAU/USD) trades in the $2,470s on Wednesday as it continues consolidating after its August rally. Falling US bond yields helped stimulate the rally as these are negatively correlated to Gold.
Maker price poised for rally following Grayscale's launch of MakerDAO Trust
Maker (MKR) saw a 6.3% price rally on Tuesday and remains up 0.3% at $2,147 on Wednesday. A negative spike in MKR's Exchange Flow Balance and rising open interest signal a bullish trend.
US CPI data set to show inflation abating further in July towards 2% target
The US Consumer Price Index is forecast to rise 2.9% YoY in July, at a softer pace than June’s 3% increase. Annual core CPI inflation is expected to soften to 3.2%. The inflation data could influence the probability of a 50 bps Fed rate cut in September.