By Anton Eljwizat
Following yesterday’s heavy news day, currency values appear to be experiencing wide swings in value. The US dollar took a dive versus most of its currency rivals, while the euro regained much of last week’s losses. As this week begins to come to a close, the rest of this week’s busy calendar events appear poised to continue pushing forex values into volatile price shifts.
Here is a roundup of today’s leading events:
The monthly release of the Core Consumer Price Index (CPI) represents the change in price of goods and services in the United States, minus the food and energy sectors. It is one of the primary inflationary gauges used by the Federal Reserve to determine whether or not interest rates should be raised. If the Core CPI only rises by 0.1%, as expected, then the impact on the US dollar should be limited. A drastically different figure than what is forecast could affect the USD, but direction is unclear at this point.
15:00 GMT: USD – Philly Fed Manufacturing Index
Approximately 250 manufacturers are surveyed in Philadelphia to create this index which measures industry growth in one of the largest manufacturing cities in the United States. This month’s survey is set to reveal continued expansion in the manufacturing sector of Philadelphia’s economy. However, the rate appears to be slowing as forecasts are expecting a decline in the level of the diffusion index.
Forex Market Analysis provided by ForexYard.
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