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US CPI is at the forefront

FOREX
  • The Kiwi is still the early worst performer, following the RBNZ Dovish cut, even discussing 50bps.
  • NZDUSD has fallen over 1% overnight and remains offered throughout the early European session going into the US session, now down 1.04%, but the 0.6000 figure still holds, printed 0.6003 low today.
  • The early focus on the European Cash Govie open was on the UK CPI, which missed consensus, and provided a quick 40 pips sell off in Cable, and broader selling of the Pound.
  • Cable continues to recover at the time of typing, now some 33 pips of the low.
  • Overall the Dollar is still fairly mixed against G10s, SEK, NOK, EUR and CHF are all leading, while the CAD and AUD are closer to flat.
  • The most traded Global pair, EURUSD has extended to its highest level since January, and eye next resistance situated at 1.1046 High Jan 2.
  • Looking ahead, ALL EYES are now of course on the US CPI, especially given the US PPI falling below estimates Yesterday.
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