The midterm election results are still unknown. Republicans are headed toward control of the U.S. House, but by smaller margins than forecast while the race for Senate continued. The U.S. dollar ended yesterday’s trading day slightly stronger against its counterparts.
Today all eyes will turn to the October inflation data, due for release at 13:30 UTC. This report will heavily influence the Federal Reserve’s rate hike path as it helps to determine the size of the Fed’s tightening next month and where rates will peak. A lower reading will surely boost risk appetite with a weakening dollar. A higher-than-expected outcome, however, will strengthen the greenback on the back of risk aversion.
GBP/USD: Technically, we see chances in favor of the bears since the cable refrained from a climb above 1.16. Only a significant break above 1.16 could heighten the picture in favor of the bulls.
EUR/USD: The euro reversed shy of 1.01, formatting a double-top pattern that suggest upcoming bearish momentum. If CPI data comes in higher-than-forecast the double-top- pattern will be played out. In the positive case of lower U.S. inflation, the euro could break above 1.01 and head for a test of 1.0180.
We wish you all good trades for today!
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