Forex Today: Dollar rises timidly ahead of US CPI – by MSalordFX DollarIndex Currencies Inflation EURUSD
rising by 0.25% and posting gains for the second day in a row. However, the index still remains near the key support level of 101.00.
Data released on Tuesday showed the US NFIB Small Business Optimism index dropped to 89 in April, the lowest reading since 2013. On Wednesday, the data for April, which is expected to have a significant impact. Market consensus see the CPI rising by 0.4% in April, which would be an acceleration from 0.1% in March. The annual rate is expected to stay at 5%. The Core CPI is forecast to match the 0.4% increase of April, with the annual rate dropping from 5.6% in March to 5.5% in April.
If the US inflation numbers come in line with expectations, it would indicate a modest slowdown, which is likely to maintain the Federal Reserve's tightening bias. In the afternoon, the April fiscal numbers will be reported, and a significant surplus is anticipated for April. On Tuesday, US bond yields experienced a slight increase, with the 2-year yield remaining above 4.0% and the 10-year yield climbing above 3.50%.
officials, the Euro lagged behind. Germany is set to release the final reading of April CPI, which is not expected to bring any surprises.managed to recover from its earlier losses and closed unchanged around 1.2620. The British Pound continues to exhibit strength ahead of Thursday's Bank of England decision. Meanwhile, EUR/GBP fell below 0.8700, reaching its lowest level since December.
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