US PPI in Focus Today

US PPI in Focus Today

In the US, particular attention will be on today’s PPI numbers in the wake of last week’s positive reaction to the lower-than-expected CPI. In recent months PPI has tended to act as a leading indicator, although there was a spike in June, the general trend has been a gradual decline in prices since the end of Q1. Final demand PPI is expected to slip back to 8.3% from 8.5%, while core PPI excluding food and energy is expected to remain steady at 7.2%.

EURUSD – Failed to push above the August highs at 1.0370, with the 200-day SMA the next key resistance at 1.0430.

GBPUSD – Slipped back from the 1.1855 area but remains in the uptrend from the September lows.

EURGBP – Failed at the 0.8820/30 area yesterday, with support still at or around the 0.8690 area.

USDJPY – Squeezed all the way back to 140.80 yesterday, after finding support at the 138.40/50 area.

Tuesday 15th November 2022 – High Impact Events

Times below are GMT+2

  • 12.00 – Europe – German ZEW Economic Sentiment

Potential instruments to Trade: EUR Crosses.

  • 15.30 – US – Empire State Manufacturing Index & PPI m/m

Potential instruments to Trade: USD Crosses.

  • Day 1 – G20 Meetings

Potential instruments to Trade: All Crosses.

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