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USD Fades as Equities Look Constructive Pre-CPI

FOREX
  • The EUR trades well, with the single currency firmer against most others. EUR/USD has traded an intraday high at 1.0767, although prices remain shy of the 1.0791 Thursday high for now. Equity futures are modestly firmer, with the e-mini S&P building on the late Monday gains and helping drive a modest USD downtick into NY hours.
  • NZD is underperforming, slipping against all others in G10 following inflation expectations data overnight. 2y inflation is seen at 3.30% for Q1, down from 3.62% late last year - feeding into the view that inflation may have peaked for now.
  • USD/JPY has snapped overnight Asia-Pac weakness to rise back above the Y132 handle at the crossover, narrowing the gap with first resistance at Y132.91.
  • The US inflation report is the highlight Tuesday, with markets expecting a pick up in monthly CPI to 0.5%, but a moderation in headline CPI to 6.2% and 5.5% for core metrics. Post-inflation Fedspeak will also be carefully watched, with Barkin, Logan, Harker and Williams all slated to speak.

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