Market Opportunities : Week 12-02-2024 - 16-02-2024

USDIDX: United States Consumer Price Index (CPI) report on February 13 is the major event for forex markets in February 12 -16 week. Investors will be watching closely to see whether the consumer inflation moderates or continues to accelerate as Federal Reserve’s chair Powell said more evidence on a sustainable downtrend in inflation was needed to warrant lower rates. In case the inflation rises from the previous reading of 3.4% over year this may support the view the Federal Reserve will to lean toward another rate hike - otherwise USDIDX will get a bearish impulse.

GBPUSD: UK inflation report for December is an important event for the UK currency due February 14. There is a possibility the British inflation ticks up further from previous month’s reading of 4.0% which will be bullish for GBPUSD pair.