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Dollar on the Up Pre-CPI

FOREX
  • The greenback is inching higher early Wednesday, gaining against most others in G10 to put the USD Index at the best level since early April. Further gains through 93.437 would put the dollar at it's strongest since November last year.
  • AUD and GBP are offered, putting GBP/USD at the lowest levels of the month, but still well clear of nearest key support at the 1.3772 200-dma. USD/JPY is also clearing recent resistance thanks to the bouncing dollar, with the pair touching 110.80 and nearing next resistance at 110.97, the 76.4% Fibonacci retracement of the July - August pullback.
  • Commodity-tied currencies are broadly flat, with some of the recent volatility across oil and precious metals markets ebbing lower this morning. This leaves the likes of USD/CAD, USD/NOK well within the week's range so far.
  • Focus turns to US CPI data, with analysts expecting M/M CPI to drift to 0.5% from 0.9% previously. Nonetheless, Y/Y CPI is expected to remain above the Fed's target, at 5.3%. Fed speakers are also eyed, with Fed's Bostic, George and Logan on the docket.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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