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USD Slips Ahead Of CPI Print

FOREX

The dollar sits lower as the US CPI comes into view. The BBDXY off 0.10-0.15% for the session, last near 1242. A slightly softer US Tsy yield backdrop hasn't aided sentiment for the dollar, with NZD, AUD and JPY the top performers against the USD.

  • Yen was the early gainer, USD/JPY getting down to 145.54, before stabilizing. The pair last near 145.60/65, +0.35% firmer in yen terms for the session. Lower US yields have helped, but yen strength appeared before such trends emerged, unwinding some gains from Monday's session. On the data front, the PPI continued to slow in y/y terms.
  • NZD/USD is outperforming marginally, last near 0.6150 (+0.40%). Earlier data showed a better card spending backdrop, supported by migration flows.
  • AUD/USD shrugged off a weaker business sentiment reading from NAB, while consumer sentiment firmed marginally. The pair was last near 0.6590 (+0.35%). Comments from RBA Governor Bullock didn't shed any fresh light on the rate outlook (still very much data dependent).
  • Outside of the US CPI print later, note we have the German ZEW out prior, along with UK jobs data.
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