U.S. CPI In Focus
Federal Reserve Chair Jerome Powell did not reveal anything new at his Congressional testimony, so the market’s expectations of a potential rate cut in September remain in place. Powell stuck with the idea that more data are needed to nail down an interest rate cut this year but his comments didn’t alter what was already priced in before.
Today at 12:30 GMT, we will have the U.S. inflation numbers scheduled for release. Economists expect overall, annualized inflation to have decelerated to 3.1 percent from 3.3 percent. The core inflation print is expected at a steady 3.4 percent.
The EUR/USD holds stable above 1.08. A break above 1.0860 could take the pair to the next resistance at 1.09. Bears, on the other side, will wait for a break below 1.0780.
The GBP/USD was the best performer recently, heading for 1.29. The area around 1.29 could prove a crucial resistance, that is why we recommend traders to wait for a break above 1.2910 in order to engage in a bull run towards 1.30.
The DAX tested its support area at around 18200 before bulls took back control and sent the index surging until 18460.
We entered the summer doldrums which is why we may face quieter trading conditions. Therefore, we will not invest much, trade with smaller positions and don’t trade every day.
Daily Forex and DAX Signals:
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Our trading ideas for today 11/7/24:
EUR/USD
Long @ 1.0860
Short @ 1.0790
GBP/USD
Long @ 1.2880
Short @ 1.2810
DAX® (GER40)
Long @ 18480
Short @ 18390
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.
We wish you good trades!
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