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Markets Tread Water Pre-CPI

FOREX
  • Markets are largely non-directional early Friday, with volumes lower than average for this time of day and price action muted as a result. Most major pairs trade inside their recent range, with EUR/USD finding some support at the Thursday low of 1.1279.
  • Commodity currencies are faring very slightly better, although USD/CAD remains well toward the upper end of the recent range following the dovish read of Wednesday's Bank of Canada decision.
  • NZD trades modestly weaker, helping boost AUD/NZD to new multi-month highs. The cross has now topped 1.0550 and is nearing key resistance at both the 200-dma at 1.0601 and October highs of 1.0612.
  • US CPI data takes focus going forward, with the Y/Y rate seen rising further and touching 6.8% (4.9% for core) to mark new multi-decade highs. UMich's prelim December consumer confidence release follows shortly afterward.
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