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Hello everyone, today XM Forex will bring you "[XM Group]: CPI and unemployment benefits data push up the Federal Reserve's bet on interest rate cuts, and the US dollar weakens." Hope it will be helpful to you! The original content is as follows:
XM Forex APP News-On Thursday (September 11), the US dollar index (DXY) tried to rebound to the technical threshold above the 50-day moving average, but it encountered short suppression at the 98.087 position, and the recovery efforts were declared a failure. The downward reversal pushed the US dollar index below the Fibonacci key level of 97.859 (which has now turned into short-term resistance), so the US dollar faces further downward pressure. With the release of the latest inflation data and labor market data, the market's expectations for the Federal Reserve's interest rate cut next week have further strengthened, and the weakness of the US dollar has accelerated. As of the latest trading session, the US dollar index fell 0.2% to 97.62; the euro rose 0.3% to 1.1731; the US dollar fell to 147.42. Although CPI rose, labor market data attracted more attention. The US Consumer Price Index (CPI) rose 0.4% month-on-month in August, not only twice the increase in the previous month, but also exceeded the market expectations of 0.3%. On the same year-on-year, inflation rose to 2.9%, which was the same as expected, but it set its highest year-on-year increase since January this year. However, the sharp surge in the number of first-time unemployment claims has weakened the impact of CPI data on U.S. Treasury yields and the US dollar. Data shows that the number of people applying for unemployment benefits for the first time last week rose by 27,000 to 263,000, the highest level in four years, far exceeding the market expectations of 235,000. This deteriorating trend in the labor market is increasingly becoming the core issue of Federal Reserve policy discussion. Josh Jamner of ClearBridge noted: "The current inflation data is not high enough to prevent the Fed from cutting interest rates25 basis points. "U.S. Treasury yields fell first and then rebounded. Affected by the interweaving of long and short signals, the US Treasury yield curve fell first and then rebounded: the 10-year Treasury yield fell to 4.00%, and then rebounded to 4.021%; the 2-year Treasury yield fell to 3.50%; the 30-year Treasury yield fell slightly to 4.658%. The bond market is still sensitive to the dual signals of current inflationary pressure and weak labor market. Federal Funds interest rate
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