USD shrugs off subdued core inflation | 16/10/17

[IronFX The Global Leader in Online Trading]( 16th October 2017 [start trading]( [open demo account]( All trading involves risk. It is possible to lose all your capital. Main Points of Today USD shrugs off subdued core inflation - USD tumbled on Friday, after the US inflation prints fell short of meeting market expectations. - The headline rate rose by slightly less than expected, while the core remained unchanged for the 5th straight month, missing the forecast for an uptick. - Despite the disappointment, the dollar recovered most of its CPI-related losses, while the implied probability for a December Fed Rate hike remains elevated (82%). - Given the absence of any US data for a while, the dollar’s short-term path may be dictated by any comments on tax policy, as well as hints as to who the next Fed Chair will be. Oil spikes up as Iraqi forces advance towards Kurdish oil fields - On Sunday, the Iraqi army advanced towards Kirkuk, a major oil city controlled by Iraqi Kurds. - This movement may have increased the risk of supply disruptions in the region. WTI spiked higher. - However, we are hesitant to call for further gains in oil, as WTI is already within the 50-55 zone, where we think US shale producers increase production. Today’s highlights: - US: Empire State manufacturing index for October (12:30 GMT). - Speakers: ECB Executive Board member Sabine Lautenschlager speaks (18:00 GMT). As for the rest of the week: - Tue: RBA October meeting minutes and New Zealand’s CPI for Q3. Also, UK CPI data for September. - Wed: UK employment report for August. - Thu: China’s GDP for Q3, Australia’s unemployment rate and UK retail sales, both for September. - Fri: Canada’s CPI for September. [Download full report]( The Market EUR/USD [Image title] - Support: 1.1790 (S1), 1.1755 (S2), 1.1720 (S3) - Resistance: 1.1830 (R1), 1.1880 (R2), 1.1940 (R3) WTI [Image title] - Support: 52.00 (S1), 51.50 (S2), 50.50 (S3) - Resistance: 53.00 (R1), 54.00 (R2), 55.30 (R3) [View all Market insights]( [View IronFX Week Ahead report]( Economic Calendar [Image title] Prepared by: Charalambos Pissouros and Marios Hadjikyriacos [Facebook]( [Linkedin]( [Instagram]( [Twitter]( [Google+]( [YouTube]( - Tel: +44 (0) 20 3282 7777 - Email: support@ironfx.com High Risk Trading Warning: Our services include products that are traded on margin and carry a risk of losing all your initial deposit. Before deciding on trading on margin products you should consider your investment objectives, risk tolerance and your level of experience on these products. Trading with high leverage level can either be against you or for you. Margin products may not be suitable for everyone and you should ensure that you understand the risks involved. You should be aware of all the risks associated in regards to products that are traded on margin and seek independent financial advice, if necessary. Please read IronFX’s Risk Disclosure statement. Licences and Authorisations IronFX Global Limited is authorized and regulated by CySEC (Licence no. 125/10) Group Licences and Authorisations 8Safe UK Limited is authorized and regulated by the Financial Conduct Authority (FCA no. 585561) GVS (AU) Pty Limited is authorized and regulated by ASIC (AFSL no. 417482) IronFX does not offer its services to residents of certain jurisdictions such as USA, Iran, Cuba, Sudan, Syria and North Korea. [Unsubscribe](