CPI

USD/CHF pulls back ahead of the 50-Day SMA (0.8282) as the US Consumer Price Index (CPI) prints at 2.4% in May versus forecasts for a 2.5% reading.

EUR/USD may continue to track the positive slope in the 50-Day SMA (1.1283) as it holds above the monthly low (1.1347).

After falling to 2.3% last month, base effects are likely to increase the year-over-year CPI inflation readings in each of the next two months.

USD/CAD attempts to extend the decline from the start of the week as Canada’s CPI prints at 1.7% in April versus forecasts for a 1.6% reading.

USD/CAD seems to be defending the advance from the weekly low (1.3900) as it continues to coil within a narrow range.

EUR/USD may continue to track the positive slope in the 50-Day SMA (1.1085) following the failed attempt to close below the moving average.

USD/JPY is showing bullish consolidation after the US CPI report showed that US consumer prices rose less than expected in April, marking the smallest annual increase since February 2021.

Traders and economists are projecting headline CPI to come in at 2.8% y/y, with the core (ex-food and -energy) reading expected at 3.1% y/y - see what that might mean for the US Dollar!

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Despite recovering post CPI and remaining on the front-foot in the last couple of days, the USD/JPY forecast remains mildly bearish in light of the weakness in US data and after the greenback suffered its worst weekly performance since November 2022 last week.