US inflation data impacted major currencies, with USD strengthening and EUR, GBP, and JPY weakening. Corrections are predicted for several currency pairs and commodities before potential further movements. Australian employment data and US retail sales report on Thursday could impact forex markets. EUR, JPY, and CHF remain vulnerable to further weakness against USD.
Key Points:
- EUR/USD: Reaches lowest point since November, pressured by stronger-than-expected US inflation data.
- GBP/USD: Loses ground after UK inflation remains unchanged.
- USD/JPY: Surges to new peak as yen weakens significantly against the dollar.
- AUD/USD: Rebounds after sharp drop on Tuesday, but employment data looms.
- USD/CAD: Reaches two-month high ahead of US retail sales report.
EUR/USD:
- Downward trend continues, testing support at 1.0700.
- Potential correction to 1.0734 today, followed by consolidation range.
- Further decline possible towards 1.0680 if range breaks down.
GBP/USD:
- Completed decline wave to 1.2573.
- Correction to 1.2607 expected today, followed by potential drop to 1.2533.
USD/JPY:
- Broke out of consolidation range, reaching 150.85.
- Correction to 149.30 possible, followed by rise to 151.00.
Other Major Pairs:
- USD/CHF: Correction to 0.8815 expected, followed by rise to 0.8888.
- AUD/USD: Correction to 0.6484 today, then potential decline to 0.6427.
Commodities:
- Brent oil: Correction to 82.00 possible, followed by rise to 83.63.
- Gold: Consolidating above 1988.60. Upward break could lead to correction at 2011.11, while downward break could see decline to 1970.30.
Stock Market:
- S&P 500: Correction to 4985.5 expected, followed by potential decline to 4855.0. Further correction to 4920.0 possible, then decline to 4790.0.
Disclaimer: This is not financial advice and should not be considered as such. Please do your own research before making any investment decisions.
Categories: ARFX News
