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Dollar Index Extends Decline, GBPUSD Zones In On 1.2500 Ahead of CPI Data

FOREX
  • The dollar index remains tied to the lows of the day, slowly extending its decline following the US inflation report earlier today. As we approach the APAC crossover it is worth noting that both AUD and NZD are now up around 2% on the day, only behind the Swedish Krona as the best performer in G10.
  • Closely behind are both EUR and GBP, up just shy of 1.7%. For EURUSD, the 50.0% retracement point of the Jul 18 - Oct 3 bear leg at 1.0862 has been breached, narrowing the gap with 1.0882, the Sep 1 high. Most notable topside level comes in at 1.0945, the Aug 30 high and a key resistance.
  • For cable, price is zoning in on the 1.25 handle ahead of tomorrow’s UK CPI data. We noted that resistance at 1.2428, Nov 6 high and the bull trigger, was cleared, triggering an impressive move towards the Sep 14 high of 1.2506.
  • A full preview of Wednesday’s inflation data can be found here.

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