When is the US consumer inflation (CPI report) and how could it affect EURUSD?

US CPI Overview Thursday's US US CPI Overvieweconomic docket highlights the release of the critical US consumer inflation figures for October, scheduled later during the early North American session at 13:30 GMT. On a monthly basis, the headline CPI is anticipated to rise by 0.6% during the reported month as compared to the 0.4% increase recorded in September. The yearly rate, however, is expected to ease to 8.0% in October from the 8.2% previous. Meanwhile, core inflation, which excludes food and energy prices, is projected to come in at 0.5% for October and tick lower to 6.5% on yearly basis from 6.6% in September.

|According to Analysts at ING: “The focus is on the MoM core (ex-food and energy) number. Over the past six months, we have had one 0.7%, four 0.6% and one 0.3% print. We need to see numbers closer to 0.2% to bring the annual rate down toward the 2% target over time. The consensus right now is for 0.5% next week, which is also our prediction. There is a second bite of the cherry ahead of the December FOMC meeting on 14 December given November CPI is published on 13 December. Nonetheless, if we get a downside surprise we could see markets looking to price in a greater chance of a 50 bps December hike and possibly a slightly lower terminal rate.”