U.S. Dollar Accelerates Ahead Of CPI Data
The U.S. dollar strengthened slightly against other counterparts ahead of tomorrow’s U.S. CPI report. The headline inflation gauge is forecast to tick up to 3.2 percent from 3.1 percent which would mean an unwelcomed development for the Federal Reserve. Dovish bets on the Fed’s rate cut trajectory could therefore start to unwind. In other words, if inflation figures surprise to the upside, the market needs to reprice rate expectations which could result in a boost for the U.S. dollar.
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Our trading ideas for today 10/1/24:
EUR/USD
Long @ 1.0965
Short @ 1.0920
GBP/USD
Long @ 1.2730
Short @ 1.2685
DAX® (GER40)
Long @ 16710
Short @ 16620
Settings for all trades today: Entries from 8:00 am UTC, SL 25, TP 40
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