Original title: another key data attack today! Be on guard against further sharp fluctuations in the market an analysis of the latest technological prospects of the dollar index, euro, pound sterling, Japanese yen, Australian dollar and RMB
FX168 Financial News (Hong Kong) on Thursday (August 12) in the Asian market, the dollar index continued to be under pressure, currently trading around 92.85. The latest article by the Kshitij Consulting Services team (Kshitij Consultancy Service) on Thursday provides a forward-looking analysis of the future trend of the dollar index, euro / dollar, euro / yen, Australian dollar / dollar, sterling / dollar and dollar / RMB.
The dollar suffered a blow on Wednesday as US inflation showed signs of cooling, dampening expectations that the Fed would scale back its bond purchases ahead of time, with the dollar index falling below the 93 mark.
The US consumer price index (CPI) rose at an annual rate of 5.4 per cent in July, in line with June, while CPI rose 0.5 per cent month-on-month and 0.9 per cent, in line with analysts' expectations, according to data released by the Labor Department on Wednesday.
In terms of more closely watched core data, the monthly core CPI rate in the United States rose 0.3% in July, down from the 0.4% increase expected and well below the 0.9% rate in June. Core CPI grew at an annualised rate of 4.3 per cent in July, down slightly from 4.5 per cent in June.
The dollar index hit 93.20 earlier, its highest level since April 1, and is about to challenge this year's high of 93.44, but suffered selling pressure after the inflation data. The dollar index closed down 0.16% at 92.91 on Wednesday, hitting an intraday low of 92.80.
Gennadiy Goldberg, interest rate strategist at TD Securities in New York, said the July inflation figures were milder than expected, especially on core CPI.
BeijingInvestors will usher in the US July PPI data at 20:30 on Thursday, which is the most closely watched economic data of the day and is expected to reignite the market.
Authoritative media surveys show that the US producer price index (PPI) is expected to rise at a monthly rate of 0.6 per cent in July, down from 1 per cent last month, while core PPI is expected to grow by 0.5 per cent in July, up from 1 per cent in June.
The survey also shows that PPI in the United States is expected to grow at an annual rate of 7.2 percent in July, up from 7.3 percent in June, while core PPI in the United States is expected to rise 5.6 percent in July, the same rate as the previous month.
The Kshitij consulting service team writes about the trend of major currency pairs. Here are the main points of the article:
Dollar index
The dollar index has fallen from 93.20, and as long as it fails to break through this level, the dollar index is likely to continue its revised decline to 92.80 gray 70, and then try to rally again.
(daily chart of dollar index source: Kshitij)
EUR / USD
EURUSD rebounded well and is likely to rise to 1.1780 pound 1.18. At that time, we will closely monitor whether the currency pair can successfully rise above 1.18.
(EUR / USD daily chart source: Kshitij)
Euro / yen
EUR / JPY is stable and we expect the pair to remain in the 130.50-129x128 range for now.
(euro / yen daily chart source: Kshitij)
Us Dollar / JPY
The USD / JPY is just off our expected resistance level of 110.80 and has fallen sharply from that level. As long as the resistance cannot be overcome, the view remains that the dollar / yen continues to fall back to 110.80.
(USD / JPY daily chart source: Kshitij).
Australian Dollar / US Dollar
The Australian dollar / US dollar has fallen slightly, and the pair is likely to test 0.7355 before rebounding.
(Australian Dollar / US Dollar Daily Chart Source: Kshitij)
Sterling / dollar
Sterling / dollar fell slightly, but may test 1.39 up, and then fall back to 1.38 from that level.
(GBP / USD daily chart source: Kshitij)
Us Dollar / RMB
The dollar / RMB fell further, with the pair likely to test 4.70 and then rebound to 6.49cy50 in the medium term.
(USD / RMB Daily Chart Source: Kshitij)
(the abbreviations of this article are deleted and revised)