US CPI data release at 1:30 pm GMT is a key event of the day. Report for December is expected to show headline price growth accelerating to 7% YoY - the highest level since 1982! Situation was much different back then with market rates (10-year US yield) reaching 14%, compared to around 1.8% today. However, factors in play and overall market environment were different back then as well. Core inflation is expected to accelerate to 5.4% YoY - the highest level since the beginning of 1991. A strong beat in today's data could boost bets for hawkish Fed moves. This could help USD while at the same time putting pressure on precious metals and equities.
Markets remain calm ahead of the release. Gains can be spotted on the stock markets in Europe and US index futures. The US dollar trades mixed against major peers and bond yields are more or less flat on the day. Precious metals are pulling back slightly with gold and silver trading 0.2% lower on the day. Palladium drops 0.4%.
Silver recovered from the $22 per ounce support area and approached resistance zone at 38.2% retracement of the upward move launched in March 2020 ($23 zone). Upward movement is taking a pause today as traders await a key inflation report from the United States. A higher-than-expected reading could put pressure on precious metals prices.
Source: xStation5
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