Yesterday's US Consumer Price Index (CPI) report provided a reason for the push and pull in the market, but it ultimately settled on a stronger dollar continuing its post-election momentum. This is difficult to counter, especially since dollar bulls are also looking for a significant technical break on the chart. And the dollar remains a little firm again today.
EUR/USD remains at its lowest level this year after falling below April lows of 1.0601 overnight. Meanwhile, USD/JPY briefly pushed past 156.00 early on, aiming for further gains as US Treasury yields rise.
Elsewhere, GBP/USD is close to its August low of 1.2665, while USD/CAD has risen above 1.4000 to its highest since 2020. It's all about the dollar running wild after the election.
Looking ahead to the coming sessions, there is nothing on the agenda in Europe that will sway sentiment. More US data will likely come back into focus later in the day. Otherwise, the euphoria from the Trump trade is still permeating the broader market, with Bitcoin also firmly hoping to clear $90,000 since yesterday.
0800 GMT – Spain October CPI final value
1000 GMT – Eurozone Q3 GDP second forecast
1000 GMT – Eurozone September Industrial Production
That's all for the upcoming sessions. We wish you all great days ahead and good luck in your dealings. Stay safe.
