U.S. dollar weakness continued and drove the euro and British pound to next higher targets. Elsewhere, the DAX broke above the 16050-threshold, heading towards 16300.
Today, the PCE data could bolster further bearish USD bets. Generally, the market is currently seeing a disinflationary trend that is bolstering dovish rate hike bets with the Federal Reserve expected to announce the first rate cut in 3-5 months, having just concluded their tightening cycle. This is the main reason why we see the dollar depreciating. U.S. PCE data today can further influence the greenback’s weakness as well as rate cut comments.
Inflation in Germany dropped to 3.2 percent which was a 0.4 percent sharper decline than forecast. Today, EU inflation data is due with estimates indicating another drop in the headline and core measures. A higher reading could pose a threat to the euro.
EU inflation data is due for release at 10:00 am GMT, followed by the PCE price index at 13:30 GMT.
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Our trading ideas for today 30/11/23:
Long @ 1.0990
Short @ 1.0940
Long @ 1.2710
Short @ 1.2680
Long @ 16240
Short @ 16140
Settings for all trades today: Entries from 8:00 am UTC, SL 25, TP 40
Disclaimer: All trading ideas and expressions of opinion made in the articles are the personal opinion and assumption of MaiMarFX traders. They are not meant to be a solicitation or recommendation to buy or sell a specific financial instrument.
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