Major currencies hold little changed to start the session
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The narrow ranges are continuing to play out for the most part, with there being a lack of interest and firm convictions among traders so far today. All eyes are on the US CPI data and you can understand why we are seeing a slow start to proceedings.
EUR/USD is holding within a 15 pips range just above 1.0200 with large expiries seen nearby at 1.0210. That could provide some hold on price action before we get to the key risk event later today. Meanwhile, USD/JPY continues to dance around 135.00 on the week awaiting the next move in the bond market.
Elsewhere, the dollar is mostly little changed as risk appetite is also rather lacking on the day. US futures are flat and European indices have pared its slight losses earlier to more flattish levels now as well.
It looks like we’re in for a bit of a snoozefest before the main event.