Welcome to the US Inflation Report! Today's calendar is very compact, but the most important data. It is expected that the CPI will significantly decrease from the previously reported 6% year-on-year to 5.1%. CPI is the key data on the calendar and the first one today, but it is definitely not the last level one data. In a few minutes, we will receive the interest rate decision from Canada, and it is expected that the interest rate will not change.

The central bank will also be visible today. Along with the interest rate decision, we will hold a Bank of China press conference. In addition, we will also receive minutes of FOMC meetings and speeches from Bank of England Governor Bailey. Finally, some actions after Easter!

Prior to this, we could see a slight pullback in the US dollar. The euro is climbing to a weekly high against the US dollar. The US dollar rebounded from a key resistance level of 0.91 against the Swiss franc and fell. The US dollar is approaching the long-term upward trend line against the Canadian dollar and may break through; The pound is attempting to rebound above the resistance level of 1.243 against the US dollar after correction.

The weakness of the yen is also evident. Despite the adjustment of the US dollar, the US dollar is still climbing against the Japanese yen. The pound hit a new high against the yen today in 2023, and so did the euro against the yen, as its prices are breaking away from a large symmetrical triangle pattern.

The problem with the US dollar is reflected in the goods. Gold continues to rise, as we mentioned in yesterday's analysis. Moreover, oil has finally moved. We are still consolidating horizontally, but now the price is exerting pressure on the upper line of the rectangle, which increases the opportunity for bullish breakthroughs.

Last but not least, let's check the index. The situation here is still under bullish control. The DAX index is still close to its long-term high, with the S&P 500 trading in a bullish mood, but the Dow Jones index may perform the strongest, currently at its highest level since February 21st. Let's see if these trends will continue after today's macro calendar period.