The quieter tones from earlier are starting to break a little, with the dollar now slipping against the major currencies bloc. EUR/USD is up 0.3% to 1.1010 though there are large option expiries likely to keep the pair in check for now. GBP/USD is also up 0.2% to 1.2740 while AUD/USD is up 0.5% to 0.6555 on the day.
Overall, the moves aren’t saying anything much in the context of price action this week. But let’s see how the mood music plays out as gear towards the US CPI report coming up later today. That is still the main event for markets and will validate/invalidate any of the moves we are seeing in the run up.