Forex Daily Forecast, Analysis and Prediction

The US dollar fell after the release of US inflation data that indicated that inflationary pressure may be temporary, thus easing pressure on the Federal Reserve to tighten monetary policy.

Today is an important one for GBP pairs, with British GDP figures expected to be released later on.

US inflation figures came in as expected, causing the major currencies to achieve some gains against the US dollar.

The USD/INR has come off short-term highs while reacting with selling later yesterday, and has maintained it lower values early today.

The USD/SGD continues to test its higher range, but resistance levels do look rather promising ahead as durable spots for speculative shorts.

The West Texas Intermediate Crude Oil market initially fell during the trading session, especially as Joe Biden decided to suggest that OPEC increase output.

The US dollar initially tried to rally against the Canadian dollar on Wednesday but gave back the gains to show signs of weakness.

The DAX Index pulled back just a bit on Wednesday but then turned around to break above the 15,800 level.

The S&P 500 rallied a bit on Wednesday to reach the 4440 level.

The NASDAQ 100 initially tried to rally on Wednesday but gave back the gains as the market continues to look a bit sloppy.

The gold markets rallied a bit on Wednesday after the CPI numbers came out as expected.

The Consumer Price Index in the United States came out as expected on Wednesday, showing that although there is inflation, it is not accelerating.

Bitcoin is a market that is starting to run away with the bullish momentum, but at this point it is only a matter of waiting for an opportunity to get long.

The euro rallied a bit during the trading session on Wednesday as the world awaited the Consumer Price Index figures from the United States.

The British pound initially pulled back on Wednesday but then turned around to show signs of strength again as the CPI figures in America came out as expected.