US Dollar: Inflation Data Will Define the Next Move
2024.01.08 04:47
Despite Friday’s NFP and strong jobs data, FX market still did not go far, but US, , Australia, China and Tokyo CPI can be new movers this week. The technical picture for the USD look bullish short-term, as we have five waves up from the 100.32 low (Mar 2024) followed by a corrective setback now, so ideally other currencies will correct deeper vs USD before the market may stabilize. Stocks are in a consolidation as well, that is not over IMO. But is at first interesting support here near 16450-16500 for start of the week, but think deeper and important one is also near 16300. Regarding metals, they seem to be in a deeper retracement, as I talked about since bulls on Gold “faked out” in December. It appears that there can be some more weakness for metals, but it will depend on US yields and the reaction to the US CPI. Regarding cryptos, they are sideways as investors and traders awaits potential ETF approval, this Wednesday or Thursday
