A 6 day up move was broken yesterday with the Dollar falling below local support at 1.34900. The losses have continued today, however price looks to be holding as the market awaits the CPI and BoC rate news at 1:30pm and 3:00pm respectively. The Bloomberg's survey median forecast calls for a 0.4% increase in the core rate which if correct would lead to the expectation of a Fed hike once more this year.
From a technical perspective the key levels to watch are 1.35600 and 1.34100, which is the top and bottom of the 6 day move. Looking back at recent CPI releases, the reaction has been relatively muted if there isn't a big surprise. However if the data does surprise a 100 pip move isn't uncommon.
From a technical perspective the key levels to watch are 1.35600 and 1.34100, which is the top and bottom of the 6 day move. Looking back at recent CPI releases, the reaction has been relatively muted if there isn't a big surprise. However if the data does surprise a 100 pip move isn't uncommon.
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