Will U.S. Consumer Prices Spur Dollar Bulls?
Dear Traders,
The U.S. dollar weakened against the euro on speculation the greenback could be vulnerable to a post-Fed selloff. Investors are either taking profits before year-end or adjusting their positions ahead of the big event tomorrow. The Fed is widely expected to increase its benchmark but the focus will be on the overall monetary policy path following a first hike. The British Pound, however, was forced to test its 1.5110-support before it followed the current upward trend.
Today’s focus will be on Consumer Price Reports from the U.S.and U.K. As recently noticed, the market only shows a strong reaction when reports are falling short of expectations. We will therefore be looking for any surprises in CPI figures. Moreover, the German and Eurozone ZEW Survey is scheduled for release at 10:00 GMT.
9:30 UK CPI
10:00 EUR German & Eurozone ZEW Index
13:30 USA CPI
Here is where we see short-term resistances and supports:
| Resistances | Supports | |
| EUR/USD | 1.1040
1.1060 1.11
|
1.0965
1.0935 1.09
|
| Resistances | Supports | |
| GBP/USD | 1.5187
1.52 1.5260 |
1.5110
1.5075 1.5045 |
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