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Greenback Holds Post-CPI Strength

FOREX
  • The greenback remains the firmest currency in G10 Thursday, extending the strength built on the back of the surge in inflation evident in Wednesday's CPI. This puts EUR/USD at a fresh 2021 low and the lowest levels since July 2020, opening losses toward 1.1423, the Jul 21 2020 low as well as the 1.1375 1.382 projection, drawn from the Jan 6 - Mar 31 - May 25 price swing.
  • Growth proxies and high beta currencies are following suit, with NZD, AUD and CAD among the session's worst performers, reinforcing the market's renewed concern that hot inflation will force the Fed to bring forward possible rate hikes or accelerate the pace of the asset purchase taper. NZD/USD plumbs a fresh November low at 0.7013, breaking below the 100-dma at 0.7027 in the process.
  • Volume and market activity will likely drop off as the session continues, with the Veteran's Day holiday keeping fixed income markets closed for the duration. As a result, there are no key data releases Thursday, however a number of ECB speakers are due - with ECB's Lane, Schnabel and de Cos all on the docket.
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