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Modest Greenback Weakness Extending Ahead Of US CPI

FOREX
  • Seeing a modest amount of greenback weakness ahead of the data, with the DXY now roughly 25 pips off earlier session bests and down 0.10% on the session.
    • Price action sees USDJPY now approaching the overnight lows at 149.27, having come within 5 pips of touted resistance at 149.75 next, the Nov 22 high. This remains the nearest topside level of note before 150.00, where there is 1.49bn worth of expiries rolling off at today’s NY cut.
    • The greenback weakness sees GBPUSD back at the best levels of the session, continuing to be underpinned by the higher-than-expected wages data from the UK this morning. As noted, this remains a resistance area for GBPUSD, with the 50-day MA intersecting. There is not much technically above here until 1.2775, the Jan 24 high.
    • CHF remains the poorest performer, slipping against all others as CPI came in soft relative to expectations (+1.3% Y/Y vs Exp. +1.7%). EUR/CHF is well through the mid-January highs and came within a few pips of key resistance at the 100-dma, intersecting at 0.9496.
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