Daily Alert – Wednesday 12th July 2023: US CPI surprises to the downside

Mark NugentDaily Alert, July 2023

Daily Alert – Wednesday 12th July 2023: US CPI surprises to the downside

Good afternoon.

US CPI numbers missed expectations to the downside. The expectations for three of the four measures of inflation were significantly below the prior numbers and came in even lower. While the Fed will probably go ahead with their July hike, these inflation numbers are encouraging. The USD dropped and equities rose, all as you would imagine.

I went long on GBPUSD on Monday and WTI long last night. The GBPUSD is doing quite nicely and is being helped by the reaction to today’s CPI numbers. My stoploss is at breakeven so I have nothing to lose. The WTI trade is grinding up slowly. I have just moved my stoploss to breakeven so, again, nothing to lose.

Later today we have the rate announcement and statement from the Bank of Canada.

I will be back on Friday.

VIP Club members can see today’s video, all brief trading videos, the Monthly and YTD Performance videos, the Trading Video Course and download the MTM Indicators software HERE