USD is moderately declining against most major currencies. During the trading sessions on Tuesday and Wednesday morning, the movement of the course is influenced by technical factors. Today, investors are waiting for US Consumer Price Index publication. The core rate is expected to grow from 0.1% MoM to 0.2% MoM and to stay at the level of 2.2% YoY. A steady inflation rate of 2.0% is a condition for raising interest rates.


The EUR/USD pair increased to the area of ​​1.1319. In general, the growth of the instrument is technical in nature and is due to the closing of the profitable short dollar positions. Today, the investors are focused on GDP in Germany and EU. In Germany, as expected, the indicator will drop to –0.3% MoM in the third quarter from 0.5% MoM in the previous period. Also, it is expected to decline to 1.3% YoY in the third quarter from 2.3% YoY in the previous period. Eurozone GDP will remain unchanged at 0.2%. Also, investors will pay attention to September EU Industrial Production index, which may decline by 0.4%. Confirming forecasts can affect the instrument negatively.


The GBP/USD pair is supported by yesterday’s positive statistics on the UK labor market and grew to the area of 1.3000. Today, investors are focused on UK Consumer Price Index release. It is predicted that the indicator will rise to 2.5% YoY in October from 2.4% YoY a month earlier and to grow to 0.2% Mom in October from 0.1% MoM a month earlier. Confirmation of the forecast can support GBP.


The USD/JPY pair, after a slight decline, returned to the area of ​​113.86. Yen is under pressure of poor Japanese Q3 GDP and Industrial Production data, published tonight. GDP was –1.2% YoY against 3.0% YoY in the previous period and remained unchanged at –0.3% QoQ. Industrial Production index reached–0.4% in September against –1.1% a month earlier.


The AUD/USD pair, supported by positive Westpac Consumer Sentiment Index, rose to the level of 0.7217. According to statistics, in November, the index rose to 2.8% from 1.0% a month earlier.


Gold is trading within the range of 1196.10–1204.21 and generally did not change a lot.

Morning Market Review

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