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  • European session review: USD mixed and little changed as investors prepare for Wednesday’s release of U.S. CPI data
Ekonomické zprávy
08.11.2021

European session review: USD mixed and little changed as investors prepare for Wednesday’s release of U.S. CPI data

TimeCountryEventPeriodPrevious valueForecastActual
06:45SwitzerlandUnemployment Rate (non s.a.)October2.6%2.6%2.5%

USD traded mixed and little changed against other major currencies in the European session on Monday, as investors prepare for another crucial event, which could impact expectations for rate hikes in the U.S., the release of the U.S. October CPI data later this week.

The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, edged down 0.04% to 94.28, retreating after Friday’s jump that followed better-than-anticipated U.S. October payrolls report.

The U.S. data on the consumer price index for October will be released on Wednesday. Economists’ forecasts suggest the U.S. annual inflation rate to rise to 5.8% in October from 5.4% in the previous month, and the core annual inflation rate to move up to 4.3% from 4.0% in September.

It is expected that hotter-than-expected U.S. inflation data could reinvigorate talks of an earlier Fed rate increase.

According to Reuters, Fed Funds now have a rate hike fully priced by September 2022, instead of July, and a second not until February 2023 instead of December 2022.

In their last week’s policy statements, the Federal Reserve’s policymakers acknowledged that current inflation is elevated but reiterated their view that this is expected to be transitory.

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