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14 November 2024,02:09
Trade Of The Day
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14 November 2024, 02:09
* Inflation Grip: The Japanese Yen continues to weaken against a strengthening U.S. Dollar following the release of U.S. CPI inflation data. The Consumer Price Index (CPI) report didn’t signal the inflation slowdown markets had hoped for, but it met expectations. Monthly headline CPI held steady at 0.2%, as forecasted, while the annual headline CPI increased to 2.6% year-over-year, up from 2.4% and matching projections. Core CPI inflation also aligned with market expectations, maintaining a 0.3% monthly rise and a 3.3% annual rate. This persistently elevated inflation data is likely to bolster the USD, as it may lead the U.S. Federal Reserve to reconsider rate cuts, further supporting the Dollar.
* Technical Breakout: USDJPY was traded higher following prior breakout above the previous resistance level 153.65. MACD which illustrate ongoing bullish momentum signal suggest the pair to likely further extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 157.25. Conversely, a potential reversal is also to be expected and the price could head back towards 153.65.
Looking ahead, investors will focus on upcoming key U.S. economic data releases, including PPI, and Retail Sales this week for further direction and insights into economic momentum.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and Japan data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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