When is the US December PCE Price Index and how could it affect EUR/USD? – by hareshmenghani Inflation UnitedStates Fed EURUSD Currencies
Friday's US economic docket highlights the release of the Core Personal Consumption Expenditure , scheduled later during the early North American session at 13:30 GMT. The Fed's preferred inflation gauge is foreseen to rise by 0.2% in December, matching the previous month's reading. The year rate, however, is anticipated to have eased from 4.7% in November to 4.4%.
Analysts at Deutsche Bank, meanwhile, anticipate a rather stronger reading and write: “We don't expect the same declines as recently seen in CPI as some of the stronger components in PPI last week are better correlated to PCE components. We expect a +0.4% monthly gain.”Against the backdrop of the upbeat fourth-quarter US GDP report, a surprisingly stronger print will fuel speculations that the Fed will stick to its hawkish stance for a longer period.
Eren Sengezer, Editor at FXStreet, offers a brief technical outlook for the pair and writes: “EUR/USD broke below the ascending regression channel late Thursday. Although the pair returned within that channel during the Asian trading hours, it lost its recovery momentum and closed the last four-hour candle below the lower-limit.
Eren also outlines important technical levels to trade the EUR/USD pair: “On the downside, 1.0850 aligns as key support level. In case EUR/USD falls below that level and starts using it as resistance, it could continue to push lower toward the 1.0800/1.0790 area .” “If EUR/USD rises above 1.0900 and stabilizes there, it could extend its rebound toward 1.0930 and 1.0980 ,” Eren adds further.
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