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Markets More Sanguine, Awaiting CPI Risk

FOREX
  • Currency markets are more sanguine early Thursday, with markets awaiting the key releases later today, with US CPI due, as well as the unofficial beginning of US earnings season. Delta Airlines, Walgreens and Fastenal are among the key reports due today.
  • NZD sits softer against all others, with NZD/USD offered for a second session. The price has faded after a failed test of the 100-dma earlier this week at 0.6060, opening lower levels into the 0.5955 50-dma. Event risk includes the general election due this weekend, at which expectations are for the main parties to struggle to form a government without help from other parties.
  • Oil prices have steadied after yesterday's rout, but hold close to the week's lower levels. There remains a small premium on the week following the beginning of the Israeli conflict, but the price action over the past few sessions has confirmed oil prices will be two-way for now. This keeps the likes of USD/CAD off the week's best levels, but unable to follow through with a test of key support at the 1.3546 50-dma.
  • US CPI data takes focus going forward, with markets wary over the potential for another higher-than-expected reading after the Wednesday PPI release. Both the Y/Y and core Y/Y headlines are seen posting sequential declines, dropping to 3.6% and 4.1% respectively.
  • The speaker slate is busy with an economic forum in Marrakech dominating the headlines. ECB members are out in full force, with Villeroy, Holzmann, Knot, Vujcic, Vasle, Panetta all making appearances today, as well as Fed's Logan, Bostic and Collins.
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