When is the US consumer inflation (CPI report) and how could it affect EUR/USD? – by hareshmenghani Inflation UnitedStates Fed EURUSD Currencies
h American session at 13:30 GMT. On a monthly basis, the headline CPI is anticipated to remain flat during the reported month as compared to a modest 0.4% rise in November. The yearly rate, meanwhile, is expected to decelerate sharply to 6.5% in December from the 7.1% previous. Furthermore, core inflation, which excludes food and energy prices, is projected to edge up by 0.3% in December and fall to 5.7% on yearly basis from 6.0% in November.
Analysts at RBC Economics offer a brief preview of the crucial macro data and write: “We expect YoY US consumer price growth to slow significantly in December to 6.3% from 7.1% in November. The steep decline in headline price growth is largely thanks to a significant drop in energy prices. We expect ‘core’ price growth to slow to 5.6% YoY in December from 6.0% in October. Further signs of declining price growth would support further slowing in the pace of hikes from the Fed.
Eren Sengezer offers a brief technical outlook for the EUR/USD pair and outlines important technical levels: “Following this week's action so far, static resistance seems to have formed at 1.0770. Above that level, 1.0800 and 1.0840 could be seen as next bullish targets.” “On the downside, 1.0730 ) aligns as initial support before 1.0700 and 1.0650 , ” Eren adds further.
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