🔎 The July Consumer Price Index is expected to show more evidence of softening inflation, despite a rebound in the annual rate. Read the full CPI preview here! 👇
nificant economic release of the week. Additionally, the weekly Jobless Claims report will be published simultaneously. Furthermore, more inflation data will be available on Friday with the release of theThe market consensus is for the CPI to have risen 0.2% in July, with the annual rate increasing from 3% in June to 3.3%. This would mark the first increase in the annual rate since June 2022, when it peaked at 9.1%, the highest in 40 years.
If the figure shows that inflation remains above expectations or rises more than anticipated, the likelihood of another rate hike before year-end will significantly increase. Despite Fed’s tightening, the US economy has demonstrated resilience. During the second quarter, GDP grew at a 2.4% annualized rate, surpassing the estimated 2%. Labor data indicates a softer labor market, but job creation persists and provides little evidence of a recession.
During the upward move, the DXY encountered resistance below the 103.00 area and around the 55-day and 100-day Simple Moving Averages . If the DXY manages to break above this resistance, it would likely continue its ascent and test the 200-day SMA at 103.45, followed by the upper trendline of the downward channel at 103.75.
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