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DXY 2.5% Off Last Week's Highs Ahead of CPI

FOREX
  • The greenback trades weaker once more, with the USD Index lower for a fifth consecutive session as the currency retraces 2.5% off the cycle high printed last week. Despite the USD pullback, EUR/USD is yet to challenge yesterday's highs at 1.0198, which remains the first upside level.
  • At the stronger-end of the G10 table, JPY and EUR are holding more favourably, but recent ranges are largely being respected. For EUR/JPY, however, the cross started the week on a bullish note, clearing last week’s highs and touching the best levels since 2015. The break reinforces bullish conditions and maintains a positive price sequence of higher highs and higher lows.
  • Focus turns to the US CPI release, with markets expecting the second consecutive negative monthly read for headline inflation. Markets will look to today's inflation release for any clues ahead of next week's FOMC rate decision, at which markets continue to lean toward the likelihood of a 75bps rate rise.
  • There are no notable CB speakers, with the Federal Reserve in it's pre-FOMC media blackout period.
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