ForexLive European FX news wrap: Dollar slips ahead of US CPI data
Read full post at forexlive.com
Headlines:
Markets:
- CHF leads, USD lags on the day
- European equities mixed; S&P 500 futures up 0.3%
- US 10-year yields flat at 2.795%
- Gold down 0.1% to $1,792.23
- WTI crude down 1.6% to $89.03
- Bitcoin flat at $23,130
It was a quiet session in terms of key headlines but we are seeing the dollar move lower amid some positioning flows before we get to the US CPI data later – which is the main event in trading this week.
This is essentially the second instalment to market bets on the so-called Fed pivot after the US jobs report on Friday last week.
There isn’t much else to pin the offers against the dollar during the session with EUR/USD climbing from 1.0210 to 1.0260 but still keeping below its 50.0 Fib retracement level at 1.0283. USD/JPY also moved lower from 134.90 to 134.75 but that isn’t indicative of much with price action still dancing near 135.00.
Meanwhile, GBP/USD climbed from 1.2080 to 1.2125 and AUD/USD moved up from 0.6965 to 0.6985 but the moves aren’t indicative of much as key technical levels are still holding up.
Elsewhere, the bond market remains tepid while equities are a little choppy without much appetite in general during the session.
It’s now over to the key risk event to determine what comes next. Less than 30 mins now. Strap yourselves in.