10 November 2021, EUR/USD
EURUSD trading plan:
Investors looking forward to key U.S. inflation data that could have a bearing on the Federal Reserve’s next policy move. The tight labor market and the dislocation in global supply chains could result in a high reading. An above consensus CPI number could, however, lead to some profit taking in euro because expectations will rise that the Fed will have to start raising rates to rein in inflation. Investment banks in poll predict a 5.8% increase in CPI in the 12 months to October. The report comes after Fed policymakers suggested an interest rate hike was not yet on the cards earlier this week, though two of the central bank’s most dovish officials said on Tuesday they expect to get more clarity on the economic outlook by next summer.
Investment idea: sell 1.1600 and take profit 1.1550.
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