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Markets Await CPI, Fedspeak

FOREX
  • Currencies largely trade inside recent ranges, with traders awaiting today's CPI release and a deluge of Fedspeak ahead of the media blackout period that comes this weekend. The USD is mixed, with some pre-NY hours weakness emerging to erase modest gains seen in Asia-Pac trade.
  • Price action again favours GBP, although GBP/USD is yet to top the Monday high. NOK and CAD are again softer as middling oil prices do little prop up the oil-tied currency outlook.
  • Front-end implied vols are inching lower, with GBP implieds seeing the most notable decreases. The 1m contract now trades below the early April lows to rival February's post-pandemic low.
  • After a quiet Monday, the events calendar gets considerably busier Tuesday, starting with US CPI, which is forecast to have risen 0.5% in March. There are also a number of Fed speakers, with Harker, Daly, Barkin, Mester, Bostic and Rosengren all due.
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