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Global macro overview for 15/10/2015

Global macro overview for 15/10/2015:

The US consumer price index data release is scheduled at 12:30 pm GMT today and it might spark another speculation regarding the Fed hike hopes. The market expects inflation to decrease further to the level of -0.2% m/m (-0.1% y/y) vs. the previous month reading of -0.1% m/m (0.2% y/y). The Fed is tying to convince financial markets that now is the time to raise the short-term interest rate, but so far the markets are not buying this. Moreover, yesterday's weak consumer spending data for September and downward revision for August acted as a double blow to the Fed, and currently the Fed Funds futures are pricing in only at a 32% chance of a rate hike this year.

The US Dollar index felt sharply below the golden trend line and is currently trading at the technical support at the level of 94.05. Next support is seen at the level of 93.07.

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The material has been provided by InstaForex Company - www.instaforex.com