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Forex Today: Canadian inflation is expected to increase by 0.2% on a monthly basis

Forex Today: Canadian inflation is expected to increase by 0.2% on a monthly basis

Markets are focused on today's release of Canadian inflation data, which is expected to show unchanged annualized inflation.

➡️ Crude oil yesterday  rose to new long-term highs, with WTI hitting a new 10-month high as markets showed new signs of tightness driven by OPEC supply cuts. This will attract trend traders to get involved on the Long side.

➡️ Canadian CPI (inflation) data will be released later today, which are expected to show unchanged annualized inflation data, with a month-over-month increase of 0.2%, much lower than last month's increase of 0.6%.

➡️ The Reserve Bank of Australia has released the minutes of its most recent monetary policy meeting, which shows, as expected, that participants believe that further monetary tightening may be necessary if inflation proves to be persistent but not yet necessary.

➡️ The Forex market is seeing a slightly stronger US dollar. Since Tokyo opened, the Japanese yen has been the weakest major currency, while the New Zealand dollar has been the strongest, although the movements are so small as to be effectively meaningless. However, the US dollar remains within a valid long-term uptrend, maintaining  the USD/ currency pairJPY  focused on the Long side for trend traders.

➡️ Sugar futures  they increased yesterday to reach an area very close to the new multi-year high price.

 

Credit by DailyForex.com

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