{"id":160798,"date":"2019-11-29T11:46:41","date_gmt":"2019-11-29T16:46:41","guid":{"rendered":"https:\/\/www.countingpips.com\/?p=160798"},"modified":"2019-11-29T14:47:09","modified_gmt":"2019-11-29T19:47:09","slug":"eurozone-cpi-surprises-higher","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2019\/11\/eurozone-cpi-surprises-higher\/","title":{"rendered":"Eurozone CPI Surprises Higher"},"content":{"rendered":"
November 29, 2019<\/div>
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By <\/strong>Orbex<\/strong><\/a><\/p>\n

USD Climbing<\/strong><\/h2>\n

The US dollar has been higher again today as the USD index continues to try and break out above recent highs, trading 98.32 last. Comments from Fed\u2019s Powell earlier in the week have kept USD supported, backing up the view that the Fed will stay on hold in the near term.<\/strong>\u00a0Expectations around a\u00a0potential US\/China trade deal<\/a>\u00a0continue to drive price action due to the moves in equities prices, which have softened a little over early trading on Friday.<\/p>\n

Eurozone CPI Sees Upside Surprise<\/strong><\/h2>\n

EURUSD has been under pressure today, as strength in the US dollar continues to weigh on the single currency.\u00a0The latest CPI flash estimate for November came in higher than expected at 1% but still only halfway to the ECB\u2019s 2% target, highlighting the remaining weakness in the economy.<\/strong>\u00a0EURUSD trades 1.1004 last following some post-release volatility.<\/p>\n

GBP Under Pressure<\/strong><\/h2>\n

GBPUSD has been under pressure today as ongoing fluctuations in UK elections polls keep are fuelling uncertainty.\u00a0The latest polls show the Conservative party are still in the lead, though without an overall majority as yet, meaning that a hung parliament is still the most likely outcome.<\/strong>\u00a0GBPUSD trades 1.2887 last still above the 1.2782 level for now.<\/p>\n

Risk Appetite Softens on Friday<\/strong><\/h2>\n

Risk assets have softened a little over the last 24 hours as traders pair some risk into the US Thanksgiving weekend. Recent commentary from both sides has been supportive, encouraging expectations that a trade deal is due in the coming weeks. However,\u00a0news that the US has backed a bill supporting the rights of Hong Kong protestors has added some risk given the division between the US and China over the issue.<\/strong>\u00a0SPX500 trades 3146.73 last.<\/p>\n

Oil Flat Following Bearish EIA Report<\/strong><\/h2>\n

Oil prices have remained resilient into the end of the week. The EIA reported a further\u00a0build in USD crude stores<\/a>\u00a0this week along with yet another record high in US crude production.\u00a0The US & China expected to agree to a trade deal, however, and with OPEC expected to announce further production restrictions next week, crude has been able to offset downside. Crude trades 58.05 last.<\/strong><\/p>

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Loonie Trading Higher<\/strong><\/h2>\n

USDCAD has been a little higher today, given the strength in USD and subdued oil prices over the morning. Looking ahead today, CAD traders will be focusing on domestic GDP which is forecast to remain unchanged at 0.1% on the month. Any weakness might see a lift in BOC easing expectations ahead of the December meeting next week. USDCAD trades 1.3291 last.<\/strong><\/p>\n

AUD a Little Lower<\/strong><\/h2>\n

AUDUSD trades .6777 last. Seeing some softening over the morning so far as risk appetite has waned a little into the end of the week.\u00a0The RBA meeting next week is not expected to see the RBA cut rates though traders will be keen to hear the bank\u2019s latest assessment in light of recent comments regarding QE by Governor Lowe.<\/strong><\/p>\n

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By <\/strong>Orbex<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Orbex USD Climbing The US dollar has been higher again today as the USD index continues to try and break out above recent highs, trading 98.32 last. Comments from Fed\u2019s Powell earlier in the week have kept USD supported, backing up the view that the Fed will stay on hold in the near term.\u00a0Expectations […]<\/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-160798","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/160798","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=160798"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/160798\/revisions"}],"predecessor-version":[{"id":160822,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/160798\/revisions\/160822"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=160798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=160798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=160798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}