Daily Forex Market Preview, 13/03/2018
Lack of fundamentals on a quiet trading day left the U.S. dollar to trade flat following Friday’s decline. However, the USD was seen trading mixed across the board especially with the commodities turning weaker on the day.
Looking ahead, the inflation data coming out today will be a major event to watch with both headline and core inflation rate expected to rise at a slower pace compared to January’s solid gains. On an annual basis, headline CPI is expected to rise slightly while core CPI is expected to remain flat at a pace of 1.8%.
Elsewhere, the BoC Governor Poloz is expected to speak later in the afternoon followed by second tier data from Japan.
XAUUSD 13-03-2018 Intra-day analysis
XAUUSD (1318.93): Gold prices once again closed with a doji pattern on Monday but price action was confined to last Friday’s range. We expect a downside breakout in price which could see gold prices testing the previous lows around 1307 – 1303 region to establish support at this level. In the event that gold prices post further declines, a retest of the lower support at 1282 – 1274 could be in play.