October CPI Preview

U.S. inflation remained stubbornly high last month despite efforts by the Federal Reserve to get a grip on prices that have surged at a historic pace.

The US Bureau of Labor Statistics will release the Consumer Price Index (CPI) data on Thursday, November 10 at 15:30 GMT+2.

The US Dollar (USD) stays relatively quiet early against its major rivals early Thursday as investors remain on the sidelines while awaiting the October CPI data.

Headline CPI is expected to edge lower to 8% in October from 8.2% in September. The Core CPI, which excludes volatile food and energy prices, is forecast to retreat to 6.5% on a yearly basis from 6.6%. On a monthly basis, the CPI is expected to rise by 0.6% while the Core CPI is expected to have advanced by 0.5% last month, which is below September’s 0.6% read.

Federal Reserve officials have repeatedly signaled that the size and magnitude of hikes may slow despite the fight against inflation being nowhere near over, stoking the possibility of a higher-than-expected liftoff of its key policy interest rate.

In other news, following Wednesday’s heavy selloff in cryptocurrency markets, Bitcoin tries to stage a recovery. BTCUSD, which touched its weakest level in nearly two years at $15,500 late Wednesday, was last seen rising 5% on the day at $16,795. Ethereum lost nearly 18% on Wednesday and fell below $1,100 for the first time since July. ETHUSD was last seen rising 8% on the day at $1,210.

Thursday 10th November High Impact Events

Times below are GMT+2

15.30 – US – CPI m/m, CPI y/y, Core CPI m/m, Unemployment Claims

Potential instruments to Trade: USD Crosses.

18.50 – Canada – BOC Gov Macklem Speaks

Potential instruments to Trade: CAD Crosses.

19.30 – US – FOMC Member Mester Speaks

Potential instruments to Trade: USD Crosses.

20.30 – US – FOMC Member George Speaks

Potential instruments to Trade: USD Crosses.

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