How Will USD React To The US PPI?
The US PPI will come out on Thursday, May 12, at 15:30 MT time.
US Inflation Jumped, Gold Keeps Rallying
Information is not investment advice
Latest news
- EUR/USD has dropped sharply to the low unseen since July 2020. The reason was the higher-than-expected US inflation figures that shocked investors as the annual Inflation Rate rocketed to the 31-year high of 6.2%.
- Concerns about inflation pressures reinforced expectations of interest-rate hikes in the US and pushed the USD up to a one-year high. A more hawkish outlook can press stocks that are near record highs these days.
- China’s Evergrande made an interest payment of $148 million on Wednesday, avoiding a default third time in a row. It has mildly improved the market sentiment and stopped the EUR/USD bears.
- Meanwhile, gold keeps rising! It has surged above $1850 for the first time since June. Will we see gold at $1900 soon?
- Australia has revealed poor labor data. Employment Change: -46.3K (forecast: 50.0K), Unemployment Rate: 5.2% (forecast: 4.8%). AUD/USD dropped initially but then reverse up.
Tech analysis
Gold has broken above $1850! If it manages to overcome the next resistance level at the 50% Fibonacci retracement level of $1870, it may jump to the psychological mark of $1900. Support levels are $1845 and the 38.2% Fibo level of $1830.
AUD/USD is moving inside the ascending channel. It is getting closer to the lower line, so the reverse-up should occur soon. If it jumps above the 50- and 100-day moving averages of 0.7360, the way up to the next resistance level of 0.7450 will be open.
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