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Greenback Takes Lead Ahead Of U.S. CPI, Broader Caution Creeps In

FOREX

The greenback has garnered some strength in early Asia-Pac trade, with the BBDXY index having a look above yesterday's peak as we type. Its uptick coincides with light cheapening in U.S. Tsys led by the longer end of the curve, with regional players awaiting the latest batch of U.S. CPI data.

  • Firmer U.S. Tsy yields have driven USD/JPY higher. The spot rate has added ~20 pips thus far, grinding above yesterday's best levels. One-year risk reversal holds above par after breaching that threshold on Tuesday.
  • Light selling pressure has hit Antipodean FX, amidst cautious mood music in the lead-up to a key U.S. data signal. The early slip in e-mini contracts testifies to a degree of broader risk aversion. AUD/USD has faltered beyond yesterday's low.
  • Today's data docket is dominated by inflation figures, with latest prints due out of the U.S., China, Germany (f), Italy (f) and Norway. Fed's Evans & Kashkari as well as BoE's Pill are set to speak.
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