NEW YORK (Forex News Now) – The Bureau of Labor Statistics is due on Wednesday to publish key data on the US consumer price index, in the day’s major realtime forex news event affecting the dollar.
The report is expected to show that the price of goods and services purchased by consumers rose by 0.2% in November, according to online FX trading news outlets, the same mark by which it rose in October.
The bureau is scheduled to release the report at 1:30 P.M, GMT; as such the data should impact currency market trading during the day.
If the data comes out as forecast, it would mean that month-on-month CPI has risen for five consecutive months.
According to EUR/USD analysis, a higher-than-expected rise in the CPI could push the currency pair toward short-term support around the Dec. 8 low of 1.3180.
But should the data show the opposite, EUR/USD could lift toward short-term resistance around yesterday’s high of 1.3498.