October is expected to see a 3.3% YoY increase in the US Consumer Price Index, which is less than the 3.7% increase in September. In October, annual Core CPI inflation is predicted to remain stable at 4.1%. By changing the market price of the Fed’s rate forecast, the US CPI inflation report might have a major effect on the value of the US dollar.
The Bureau of Labour Statistics (BLS) will release the much-awaited October US Consumer Price Index (CPI) inflation data at 13:30 GMT. The US Dollar (USD) has been stable compared to its main competitors, but it has been difficult to build positive momentum after the July–October upswing that saw the USD Index rise by almost 6%.
The price of bitcoin lost all of its gains from the previous weekend and fell as early as $36,400 on Tuesday. Because macroeconomic events affect the price trend of risk assets, Bitcoin traders are anticipating the release of US CPI data for October. The US Securities and Exchange Commission (SEC) will decide on 12 spot Bitcoin ETF proposals, and Bitcoin holders are eager to find out. The SEC’s application window for approving all Bitcoin ETFs commenced on November 9 and running until November 17th.
After holding the key level of support at 0.8700, the EUR/GBP pair rallied quickly as the preliminary Q3 GDP (gross domestic product) for the Eurozone fell by 0.1% as anticipated. Because of the entrenched cost of living crisis, consumer spending remained susceptible, and business output declined accordingly. The hiring rate of job seekers by Eurozone enterprises increased to 0.3% from the previous 0.2%. While employment levels in the UK economy continued to decline in the quarter ending in September, the Euro appears to be strengthening relative to the Pound Sterling due to positive labour demand.
GOLD PROFITS Tuesday’s Asian trading saw a decline in gold prices below significant levels as investors turned their attention to the dollar ahead of the release of U.S. inflation data later in the day, which is widely anticipated to impact interest rate movements. Over the past two weeks, there has been a significant amount of profit-taking in the yellow metal, which has caused prices to drop to a low point that has been reached in more than three weeks as the expectation of longer-term increases in U.S. interest rates has clouded the future for gold.