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Hello everyone, today XM Foreign Exchange will bring you "[XM Foreign Exchange Platform]: European Central Bank interest rate decisions and US inflation data drive market trends." Hope it will be helpful to you! The original content is as follows:
Early Thursday, September 11, major currency pairs fluctuated narrowly as investors turned to wait and see before a key event. The European Central Bank (ECB) will announce interest rate decisions, and the U.S. Bureau of Labor Statistics (BLS) will release August Consumer Price Index (CPI) data later that day.
Despite weak producer inflation data, the USD index failed to make a decisive move in either direction on Wednesday, as cautious market sentiment helped the US dollar remain resilient to other currencies. The U.S. Bureau of Labor Statistics reported on Wednesday that the Producer Price Index (PPI) rose 2.6% year-on-year in August. This figure qgrse.cnes after a 3.1% increase in July (revised from 3.3%), lower than market expectations of 3.3%. The annual CPI inflation rate is expected to rise slightly from 2.7% to 2.9% in July. Monthly calculations include both CPI and core CPI. Earlier Thursday, the U.S. dollar index stood firm and remained in the positive area around 98.00. Meanwhile, U.S. stock index futures rose slightly. The U.S. Economic Calendar will also release data on the number of people who requested unemployment benefits every week.
Euro/USD fell slightly on Wednesday, and Europe stabilized at around 1.1700 in the early trading session on Thursday. It is widely expected that the ECB will keep key interest rates unchanged after its September meeting. In addition to policy statements, the ECB will also issue revised macroeconomic forecasts.
Trading time in Asia, RBNZ President Christian Hawkesby reiterated that their core forecast for the official cash rate (OCR) is to drop to around 2.50% by the end of the year, but added that this could be faster or slower depending on the evolution of the economic recovery. The NZD/USD did not respond to these qgrse.cnments and ended up trading at a little below 0.5950.
The GBP/USD continued to consolidate sideways above 1.3500 after closing basically flat on Wednesday.
The US dollar/yen rose slightly above 147.50 during the European session on Thursday. Japanese data shows that PPI rose 2.7% year-on-year in August, after a 2.5% increase in July. This mark meets market expectations.
Gold is difficult to gather bullish momentum and trade below $3,630.
Euro: The euro/dollar intraday tends to remain neutral as consolidation continues to fall below the temporary top of 1.1779. Further rise is expected when the 1.1607 support level is intact. Above 1.1779, the 1.1829 high will be retested. Firm breakthrough will resume a larger upward trend and reach the 1.1916 forecast level.
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