The dollar is keeping steadier to start the new day as traders are gearing up for quite a number of key risk events in trading this week. We’ll have the US CPI data coming up tomorrow before the FOMC meeting on Wednesday, followed by the SNB, BOE, and ECB policy meeting decisions all on Thursday.
As such, there might not be much appetite to really hunt for any moves today and in the run up to the US CPI data tomorrow first and foremost. USD/JPY is an early mover though, up 0.4% to 145.50 levels now as Japanese yen gains ease up after testing the 200-day moving average last week:
USD/JPY daily chart
Chatter about Ueda not intentionally wanting to signal any imminent policy shift and the Fed perhaps wanting to stick with a higher for longer narrative this week are two factors that are helping the rebound in price action for now.
Looking to the session ahead, market players won’t have much to work with as there is a lack of major economic releases in Europe today. So, we might be in for a quieter and slower-paced start to the new week for now.
0900 GMT – SNB total sight deposits w.e. 8 December
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.