{"id":119610,"date":"2018-01-15T07:45:53","date_gmt":"2018-01-15T12:45:53","guid":{"rendered":"http:\/\/countingpips.com\/?p=119610"},"modified":"2018-06-01T15:46:44","modified_gmt":"2018-06-01T15:46:44","slug":"usd-falls-to-a-3-year-low-cpi-data-doesnt-help","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/01\/usd-falls-to-a-3-year-low-cpi-data-doesnt-help\/","title":{"rendered":"USD falls to a 3-year low. CPI data doesn\u2019t help"},"content":{"rendered":"
January 15, 2018<\/div>
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By Orbex Blog<\/a><\/strong><\/p>\n

Daily Forex Market Preview, 15\/01\/2018<\/em><\/strong><\/p>\n

The U.S. dollar plunged to a three year low on Friday as investors flocked to the euro amid rising optimism of accelerated growth. The U.S. dollar index closed last week at 90.60. The declines came following the BoJ\u2019s surprise announcement to reduce its longer dated bond purchases and the ECB\u2019s meeting minutes.<\/p>\n

The ECB\u2019s minutes showed that officials are hopeful of the economic recovery which could warrant a change to the central bank\u2019s forward guidance.<\/p>\n

On Friday, economic data from the U.S. showed that consumer price rose at a subdued pace. Headline inflation was seen rising 0.1% on a month over month basis, following a 0.4% increase in November. Core CPI was slightly better, rising 0.3% on the month. Retail sales were broadly in-line with estimates rising 0.4% on headline and core retail sales.<\/p>\n

Looking ahead, the economic calendar is quiet today. The markets are likely to continue from Friday\u2019s theme. The euro currency could see some further momentum as investors shape their expectations ahead of next week\u2019s ECB meeting.<\/p>

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EURUSD intra-day analysis<\/strong><\/p>\n

\"EURUSD<\/p>\n

EURUSD (1.2227):<\/strong> The EURUSD rose to a 4-year high on Friday, closing at 1.2196. The gains came as price broke past the technical resistance level of 1.2090 \u2013 1.2070. The surge was led by a strong bullish momentum in price. However, at the current levels, EURUSD remains slightly elevated and could pose a risk of a correction. The previously established resistance level at 1.2090 \u2013 1.2070 could remain under pressure as price could revisit this level to establish support. Renewed buying interest could be seen, but a break down below this level could send the euro falling to the 1.1900 levels in the short term.<\/p>\n

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USDJPY intra-day analysis<\/strong><\/p>\n

\"USDJPY<\/p>\n

USDJPY (110.67):<\/strong> The USDJPY closed at a two-month low on Friday at 111.01. The declines extended for four consecutive days following the Bank of Japan\u2019s announcement on its longer date bonds. The price action is expected to see the USDJPY consolidate near the support zone of 111.00 \u2013 110.88 region. We expect that price action will test this level a bit more firmly. The support level gives view to the upside as USDJPY could remain range bound within the 111.50 region and 111.00 levels of support.<\/p>\n

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NZDUSD intra-day analysis<\/strong><\/p>\n

\"NZDUSD<\/p>\n

NZDUSD (0.7274):<\/strong> The NZDUSD maintained strong gains last week as price closed at a four month high of 0.7259. However, the doji close on Friday could indicate some profit taking resulting in a short term correction. With the daily trend line being breached, NZDUSD could revisit the breakout level around 0.7160. Establishing support at this level could validate further upside gains in the currency pair. At the same time, if NZDUSD fails to find support, we could expect to see a deeper correction that could push price down to the 0.6944 region.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex Blog Daily Forex Market Preview, 15\/01\/2018 The U.S. dollar plunged to a three year low on Friday as investors flocked to the euro amid rising optimism of accelerated growth. The U.S. dollar index closed last week at 90.60. The declines came following the BoJ\u2019s surprise announcement to reduce its longer dated bond purchases […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-119610","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/119610","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=119610"}],"version-history":[{"count":3,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/119610\/revisions"}],"predecessor-version":[{"id":119621,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/119610\/revisions\/119621"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=119610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=119610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=119610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}