News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
More View more
Real Time News
  • Technical Levels: #Dollar, #Aussie, #Loonie, #Gold, #Silver, #Oil, #Bitcoin & More!! (Webinar Archive) - https://t.co/tbSdlhqwbP
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 92.59%, while traders in France 40 are at opposite extremes with 79.11%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/2ztlwRMCsR
  • Commodities Update: As of 16:00, these are your best and worst performers based on the London trading schedule: Gold: 0.10% Silver: -0.17% Oil - US Crude: -3.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/Mc50z2D90D
  • US Dollar Index (DXY) moves within 0.5% of its 2021 high. The DXY index is displaying conflicting technical signals. Get your $USD market update from @FxWestwater here:https://t.co/5a4YkhwBwk https://t.co/sMmBAcQzP2
  • Forex Update: As of 16:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.44% 🇦🇺AUD: 0.20% 🇪🇺EUR: 0.04% 🇳🇿NZD: -0.06% 🇬🇧GBP: -0.18% 🇨🇦CAD: -0.27% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/XXzkPbgClH
  • The US 10 Year Treasury yield has continued to decline, now at 1.15% $ZN #Trading https://t.co/HdcjskFwi3
  • Crude oil getting whacked today with prices down -4% on the session. Currently probing its 50-day moving average with subsequent support appearing at the psychological $70.00/bbl level before traders eye July lows. Link to Analysis - https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2021/07/31/crude-oil-forecast-price-action-mired-by-shaky-risk-appetite.html #OOTT $CL_F $USO https://t.co/1CkmlXdPQa
  • Indices Update: As of 16:00, these are your best and worst performers based on the London trading schedule: US 500: 0.08% Wall Street: 0.04% FTSE 100: -0.17% France 40: -0.19% Germany 30: -0.28% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hke8hL7JK2
  • The recent decline in USD/CAD appears to be stalling as it struggles to extend the series of lower highs and lows from the previous week. Get your $USDCAD market update from @DavidJSong here:https://t.co/937N1stI8E https://t.co/M85BaWAn4a
  • Nasdaq levels I outlined this morning and will be watching throughout the week following the 'goldilocks' manufacturing report from @ISM. Risk appetite now focused on covid trends + services PMI and NFPs due. Link to Analysis - https://www.dailyfx.com/forex/market_alert/2021/08/02/nasdaq-fluctuates-following-rosy-ism-manufacturing-report.html $NDX $QQQ #StockMarket https://t.co/RrMlnb8deB
USD Waits Patiently For The Latest US Inflation Release

USD Waits Patiently For The Latest US Inflation Release

Nick Cawley, Strategist

US Dollar News and Talking Points

- US jobs growth remains strong but will this feed through into today’s inflation figures.

- GBPUSD may need to wait until next week’s FOMC meeting to break out of its current range.

The Traits of Successful Traders and how to find the Number One Mistake Traders Make are just two of the most widely read reports in ourFree Trading Guides.

US Dollar Eyes Important Inflation Data Ahead of the FOMC Meeting

Last week’s strong US jobs figures were counterbalanced by weaker-than-expected wage growth, leaving traders with no real impulse to drive the USD one way or another. Today’s inflation release however may give the greenback a jolt but with the FOMC meeting week – and with a 0.25% rate hike already baked in – today’s CPI numbers will need to miss expectations notably to spark a move.

Expectations for today’s inflation release centre on y/y inflation rising to 2.2% from a prior 2.1% while annual CPI ex-food and energy is expected to remain unchanged at 1.8%.Any tick-up to the upside will give slightly more credence to market expectations of four US rate hikes this year – although this is still an outlier – and give the greenback a boost.

.GBPUSD is currently stuck in a range with the downtrend line from late-January converging on the longer-term uptrend line and the shorter-term uptrend line from early-January. The stochastic indicator is pushing back towards overbought territory but still has room to move higher. Finally the pair is currently trading just above all three EMAs, indicating further GBPUSD upside may be on the cards.

GBPUSD Price Chart Daily Time Frame (October 15, 2017 – March 13, 2018)

USD Waits Patiently For The Latest US Inflation Release

Chart by IG

Are you new to FX trading or are you looking to improve your trading skill sets? We can help you along your journey with a comprehensive range of constantly updated guides and trading tools – they are all Free to Download Here.

What’s your opinion on GBPUSD?Share your thoughts with us using the comments section at the end of the article or you can contact the author via email at nicholas.cawley@ig.com or via Twitter @nickcawley1.

--- Written by Nick Cawley, Analyst

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES