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Subdued Greenback Ahead Of CPI, NOK Remains Strongest Performer

FOREX
  • Major currency markets traded within tight ranges on Wednesday, with the USD index oscillating either side of unchanged throughout the trading session. Price action is mainly reflective of a dearth of fresh data and in anticipation of the important US July inflation data on Thursday.
  • The Euro is a marginal outperformer, with EURUSD (+0.17%) creeping back towards the 1.10 mark, however the likes of AUD, NZD and GBP are all moderately lower on the day.
  • USDJPY has stealthily been climbing throughout the session, registering around a 75 pip recovery from the early 143.00 lows, however, price action has shown very little volatility.
  • NOK, yesterday's poorest performer, remains the strongest in G10 on Wednesday, with EURNOK (-0.41%) consolidating just above session lows of 11.1844. Moves coincide with a solid move higher of the Brent crude price, which stands at the best levels of the week having erased the entirety of the early Monday/Tuesday decline. Support seen layered below the EURNOK price headed into tomorrow's Norway CPI release, with downside levels at 11.1483-11.0965, capturing a key Fib retracement, the 200-dma as well as the Jul25 low.
  • US CPI data the clear focus on tomorrow’s docket. Consensus puts US Core CPI inflation at 0.2% M/m in July in what’s likely only a minor uptick from the unrounded 0.16% print in June. Analysts see two conflicting (and familiar) drivers on the month: airfares (upside) and used cars (downside).
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