Inflation and Fed in Focus as CPI Data and FOMC Meeting Loom
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US CPI data and FOMC meeting are the main events on Tuesday. CPI expected to show inflation slowing. FOMC unlikely to announce policy changes but projections and Powell's comments in focus.
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US Dollar Index rose modestly on Monday but unable to break 104.30 resistance. Gains driven by rally vs Japanese Yen. Treasury yields little changed.
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EUR/USD steady around 1.0760 ahead of ZEW survey and ECB meeting later in week. USD/JPY extended rebound, climbing above 146.00.
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GBP/USD hovering around 1.2550 ahead of UK jobs data on Tuesday. Bank of England announces policy decision on Thursday.
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Gold broke below $2,000, reaching under $1,980 before stabilizing. Remains pressured below 20-day SMA. Volatility expected to remain high.