The US dollar took a significant bearish turn yesterday, following the most recent US Unemployment Claims figure. Today, the dollar will have ample opportunities to recoup the losses it took, as a batch of news is set to create heavy volatility before markets close for the week.
Here is a roundup of the day’s main news events:
13:30 GMT-USD Core CPI
The Core CPI figure measures the change in price of goods and services in the US, excluding food and energy, over the last month. An increase in the CPI is typically a sign that inflation is on the rise, which tends to generate speculation of a possible interest rate hike.
Today, analysts are forecasting the Core CPI to come in at around 0.1%. Should the actual result beat expectations; traders can anticipate the dollar to make significant gains in afternoon trading.
14:55 GMT-USD Prelim UoM Consumer Sentiment
The Consumer Sentiment report is a survey that asks 500 people to rate the relative level of current and future economic conditions in the United States. This report is considered particularly significant because of the direct correlation between the economic outlook of the American people and the level of consumer spending.
This month, analysts are forecasting a figure of around 75.5, which if true, would signal an increase over last month’s result. Providing the analysts’ predictions are correct, the greenback is likely to see a healthy boost to close out the week.
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Anton Eljwizat is a Currency Analyst with ForexYard. His experience in writing technical analyses for trading companies such as ForexYard has helped Anton stand out among other analysts. His understanding of technical indicators and chart analysis helps him provide some of the most groundbreaking analysis in the market today. His writings have been published on the ForexYard Trading Blog and affiliate websites. Anton holds a degree in Business Management from Ryerson University as well as a degree in Finance from Centennial College in Canada.
