Today, the forex market seems to be experiencing a lackluster trading session, with major currencies like the kiwi and EUR/USD showing minimal movement. Traders are eagerly awaiting the US inflation report scheduled for tomorrow, which is dampening their enthusiasm to make any significant moves today. With the market caught in a countdown mode, there is a sense of hesitancy and lack of conviction among traders as they wait for tomorrow’s key event.
The upcoming US inflation report is expected to show a slight easing in headline annual inflation for June, while core annual inflation is anticipated to remain unchanged from the previous month. Traders will be closely monitoring the details of the report, especially in light of last month’s key takeaways. Additionally, the release will coincide with the weekly jobless claims data, adding an extra layer of complexity to the trading environment. As the market gears up for tomorrow’s main event, the 10-year Treasury notes auction will be the only notable item on today’s agenda, emphasizing the anticipation and cautious approach prevalent among traders.
Overall, today’s trading session is characterized by a sense of anticipation and caution as traders await the US inflation report scheduled for tomorrow. With major currencies showing limited movement and the countdown to the key event underway, there is a prevailing atmosphere of hesitation and lack of conviction in the forex market. As traders gear up for tomorrow’s release, the focus remains on the potential impact of the inflation data on market sentiment and trading strategies, making it a waiting game until the main event unfolds.
