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Forex Today: Markets await US PPI

Forex Today: Markets await US PPI

Markets await the release of US PPI data as an indicator of US inflation, which rose from 3.1% to 3.2% last week.

➡️ US PPI (purchasing power index) data will be released later today, which is typically seen as a clue to inflation. Primary PPI is expected to have grown by 0.3% on a monthly basis. If the figure is higher, it will likely be bullish for the US dollar and bearish for stock markets Americans; vice versa if lower. Treasury Secretary Janet Yellen yesterday warned that the decline in inflation may not be gradual.

➡️ Bitcoin yesterday  advanced again, reaching a new all-time high of $73,679, supported by strong net inflows into ETFsPrice action short term looks bullish. The traders dthe trend they will be affected here from the Long side.

➡️ In the Forex market, the New Zealand dollar has been the strongest major currency since the Tokyo open today. The Japanese yen was the weakest.

➡️ On the raw materials market, cocoa futures yesterday  they rose very strongly, reaching new multi-year highs. Trend traders will be thrilled to get involved in this long-lasting trend on the Long side.

➡️ UK GDP data released yesterday showed a month-on-month increase of 0.2%, as expected.

➡️ Analysts in Japan expect sizable corporate wage increases to be agreed this week, likely triggering the Bank of Japan's abandonment of its current ultra-loose monetary policy as early as next week.

➡️ US retail sales and unemployment claims data will be released today at 12:30pm London time.

 

Credit by DailyForex.com

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