The US PPI data today came in weaker than expectations. That data neutralize the stronger-than-expected CPI data from yesterday.
That inflation storyline is congruent with the price action in currencies. There is little upside. There is little downside. The details on the economy are mixed. The trading price action is mixed as well.
It’s Friday. Markets will be closed for a three-day weekend in the US (Monday is Martin Luther King Day). Price action is up-and-down volatile. That may give some traders the idea to take the day off and see what happens next week.
However, if you do want to “give it a go”, this video outlines the levels that are important from a technical perspective (with the caveat that price action is also choppy/volatile this week). The focus is on the three major currency pairs: the EURUSD, USDJPY and GBPUSD.
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This article was written by Greg Michalowski at www.forexlive.com. Source