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G10 FX Holds Narrow Ranges Ahead Of US CPI Data

FOREX
  • Major currency pairs lacked conviction on Monday, as the dollar index made marginal gains, up 0.15%, heading into important US inflation data on Tuesday.
  • Despite equity indices resuming their incline, NZD was the Monday laggard, falling 0.3%. Greater weakness had been seen during the European session, with NZDUSD reaching 0.6948 before recovering to 0.6980 as of writing.
  • Smaller losses were also seen in EUR, JPY, GBP, AUD and CAD of around 0.15%.
  • USDJPY printed a high of 110.40 which was the notable breakdown level last week. What appeared to be strong follow through on July 8th (low of 109.53) has been gradually unwound over the past two trading days. Despite the 110.40 level capping price action today, USDJPY remains well bid, hovering just six pips shy of those best levels.
  • More notable moves in the EM space, with strong divergence between high beta currencies. BRL firmed 1.5% following a strong period of weakness, whereas ZAR came under significant pressure following a rapid escalation of pro-Zuma protests and violence.
  • The focus tomorrow is firmly on the US June CPI data where the annual headline is expected to dip to 4.9% from 5.0% in May. Later on Tuesday, Fed's Bostic (2021 voter) is due to deliver opening remarks at a webinar presented by all 12 District Banks of the Federal Reserve System.
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