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US CPI for Dec-22 came out lower at 6.42% (Y/Y%) from 7.12% seen in Nov-22. This lead to a sharp fall in the Dollar index, taking Euro higher towards 1.0850/09. EURUSD and USDJPY have fallen sharply along with weak Dollars and look bearish for the near term. Pound and Aussie have risen and may test 1.23 and 0.70 respectively. USDCNY has fallen below 6.75 and looks bearish towards 6.70/68 while USDRUB has broken below 68 which if sustains would open up chances for a further decline to 67. USDINR can fall to 81.25/81.00 while EURINR can trade in a ranged fashion while below 89.
The US Treasury yields have declined sharply on a slowdown in the US inflation. The US Headline CPI (YoY) fell to 6.42% in December from 7.12% in November. The Treasury yields have limited room from here as strong supports are coming up that can trigger a reversal. The German yields have come closer to their key support and can see a fresh rise in the coming days. The 10Yr and 5Yr GoI can fall further in the near-term.
Dow can see a test 34500 on the upside. DAX continues to rise and can advance further towards the crucial resistance at 15200-15300. Nikkei has declined sharply failing to rise above 26600. Shanghai looks range bound. Nifty can fall towards 17600 or lower if it fails to bounce back above 17800.
Brent and WTI have come up to their crucial resistance at $85-86 and $80 respectively. Need to see if Crude prices will above to break higher or not. Gold has risen sharply to 1900 after the release of softer US CPI data. US CPI for Dec-22 comes lower at 6.42% from Nov-22 CPI release of 7.12%. Copper remains bullish and has scope to test key resistance at 4.30. Silver is stuck between 23.00-24.50 range.
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