Markets keep their eyes peeled on the US Consumer Price Index (CPI) release. Unless data surprises to the downside, the greenback is set to stay supported, economists at OCBC Bank report.
DXY finds initial resistance at 113.70
“The outcome of CPI print can be asymmetric on markets. If data surprises to the downside, then potentially we may see more downside on USD being played out but data in line with expectation or modestly stronger may just keep USD broadly supported.”
“Daily momentum is not indicating a clear bias while RSI shows signs of turnaround lower. Bias to lean against strength.”
“Resistance at 113.70, 114.77 (previous high).”
“Support at 112.40 (23.6% fibo retracement of Aug low to Sep high), 111.78 (21DMA) and 111.00 levels (38.2% fibo).”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD marks yearly lows near 1.0550 ahead of Eurozone Q3 GDP, US PPI
EUR/USD extends its decline for the fifth consecutive day, trading near 1.0550, marking fresh yearly lows during Thursday's Asian session. This downside of the pair is mainly attributed to the strengthening US Dollar, driven by "Trump trades."
GBP/USD extends downside below 1.2700 ahead of BoE's Bailey speech
The GBP/USD pair extends the decline to near 1.2685 during the Asian trading hours on Thursday. A rally in the US Dollar to the highest level since November 2023 weighs on the major pair. The Bank of England Governor Andrew Bailey is set to speak later on Thursday.
Gold price languishes near two-month low on bullish USD, elevated US bond yields
Gold price remains under heavy selling pressure amid the continuation of the Trump trade. The optimism over stronger US economic growth lifts the USD to a fresh YTD top on Thursday. Rising US bond yields also contribute to driving flows away from the non-yielding yellow metal.
XRP's open interest drops over 10% amid struggles near $0.7440 resistance
Ripple's XRP is trading near $0.6900, down nearly 3% on Wednesday, as declining open interest could extend its price correction. However, other on-chain metrics point to a long-term bullish setup.
Trump vs CPI
US CPI for October was exactly in line with expectations. The headline rate of CPI rose to 2.6% YoY from 2.4% YoY in September. The core rate remained steady at 3.3%. The detail of the report shows that the shelter index rose by 0.4% on the month, which accounted for 50% of the increase in all items on a monthly basis.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.