U.S. CPI In Focus
After a relatively quiet trading week amid a low-volatile market environment, traders have a glimpse of hope looking for fresh momentum and more volatile swings this week. All eyes will turn to the U.S. inflation report tomorrow which is expected to provide some wild swings, provided that there is a surprise in the headline figure. A hotter-than expected U.S. CPI report would be positive for the U.S. dollar as Federal Reserve early rate cut bets vanish. If inflation comes in lower-than-expected, the U.S. dollar will weaken on the back of increasing bets for an earlier dovish pivot. Investors still see a strong likelihood for a rate cut in May.
Forecasts however suggest CPI stayed unchanged at 3.4% y/y in January.
Let us be surprised.
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Our trading ideas for today 12/2/24:
EUR/USD
Long @ 1.0810
Short @ 1.0780
GBP/USD
Long @ 1.2660
Short @ 1.2620
DAX® (GER40)
Long @ 17010
Short @ 16930
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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