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All about post-CPI digestions in the upcoming session

The dollar is falling against the yen but remains relatively stable against the rest of the major currency bloc, at least for now. Treasury yields continue to look elevated and this will be a point to watch in gauging dollar sentiment for the remainder of the week. USD/JPY is currently down 0.6% at 153.95, after falling from a break below 155.00 overnight.

With little else on the agenda in Europe, it’s all about post-CPI digestions in the session ahead. Risk trading soared in the aftermath with new closing records on major US indices. The S&P 500 broke the 5,300 mark for the first time and closed above it. US futures have changed little so far, but there is still plenty of room for optimism.

That being said, everyone expects yesterday’s price action to continue. So is it really going to be that direct? We have decided to evaluate two full rate cuts of 25 basis points for the Fed now. Is it possible to go even further based on the latest data? It’s a close debate, especially if we exclude the June and July meetings.

I would watch the bond market closely in case there are any signs of a turnaround. But it’s difficult to combat technical issues elsewhere at the moment.

08:00 GMT – Final April CPI figures in Italy

That’s all for the upcoming session. I wish you good days ahead and good luck in your trading! Stay safe out there.

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