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Markets Chew Through CB Speak Ahead of US PPI

FOREX
  • Germany's ZEW survey came in mixed, with current situation falling short of forecast while expectations recorded a decent beat on expectations. The read through for EUR was muted however, with EUR/USD continue to trade just either side of the 1.16 handle.
  • A weaker greenback today twinned with a stronger JPY has extended the streak of lower lows, with the pair on track to record four consecutive sessions of losses. 112.34 undercuts as first support as the 50-day EMA ahead of 112.08 which marks the Sep 30 high and recent breakout level.
  • NZD is the poorest performing currency in G10, partially reversing the outperformance from the Sunday open as markets responded to the government's announcement of re-opening for a number of the larger cities. NZD/USD remains comfortably above Monday's low of 0.7104 as well as the 200-dma of 0.7100.
  • US PPI data crosses later today, with M/M price pressures expected to tick higher ahead of Wednesday's possibly more influential CPI release. Central bank speak remains dominant, with Fed's Bullard, Powell Daly & Kashkari due as well as ECB's Lagarde, Knot and BoE's Bailey. Topics are varied, with speeches ranging from inequality to diversity to banking supervision.
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