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A mixed start in FX ahead of US CPI Wednesday

FOREX
  • A mixed start for FX, EUR and USD started the session in the red, with some market participants fading some of the post US NFP price action.
  • EURUSD traded back above the 1.0200 figure, and printed a 1.0215 high, but failed to pullback towards pre NFP level, was trading circa 1.0231 pre data.
  • EURUSD has since faded and is now trading at 1.0182 at the time of typing.
  • Similar for Cable, traded above 1.2100 in early trade, and printed 1.2123, just short of the pre NFP levels at around 1.2140.
  • Cable is now trading at 1.2082.
  • Some desks have likely squared, locked some positions in early trade, but liquidity, turnovers remains on the very low side.
  • Market participants will likely position for the US CPI, with consensus going for a slowdown median reading of 0.2% MoM versus 1.3% last Month.
  • Range for the data is 0.0% to just 0.4%.
  • Looking ahead, there's no tier 1 data for the session, and notable data for the week, sees Norway CPI, German CPI final, US CPI, Czech CPI, Russia CPI (wed), US PPI (thu), Swedish CPI, UK GDP, French and Spain final CPIs, US prelim Michigan (fri).
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