2024-07-11 06:50:00 ET
Summary
- The focus today is on the US CPI report - Another soft reading is expected, and it may strengthen ideas of a Fed cut in September, which ostensibly give it time to cut again before the end of the year.
- The dollar is trading with a softer bias against most of the G10 currencies.
- Europe's Stoxx 600 is extending yesterday's 0.9% gain with another 0.5% increase today, and is now higher for the week.
Overview
The focus today is on the US CPI report. Another soft reading is expected, and it may strengthen ideas of a Fed cut in September, which ostensibly give it time to cut again before the end of the year. The dollar ([[DXY]], [[USDOLLAR]]) is trading with a softer bias against most of the G10 currencies. A stronger-than-expected May GDP report helped sterling reach a new four-month-high. The greenback is also holding below yesterday's high near JPY161.80 against the Japanese yen. The euro briefly traded above $1.0850 for the first time in almost a month. The intraday momentum indicators for the dollar, warning that follow-through losses may be limited. Most emerging market currencies are firmer, including the Chinese yuan. The three notable exceptions are Türkiye, Mexico, and India, which are nursing small losses....
Read the full article on Seeking Alpha
For further details see:
Today's Battle: Soft U.S. CPI Vs Stretched Momentum Indicators And Two Fed Cuts Discounted