This is a market that is waiting to get its fix. And that fix lies in big data. In between those events, it’s a really dull one and today is no different. Once again, major currencies are lacking any real appetite with dollar pairs keeping within 0.1% change to one another. The ranges outlined below exemplifies the inaction so far in trading today.
The Canadian dollar is one with potential to move with the CPI report coming up later. But for broader markets, it’s looking like the drag will continue until at least tomorrow. That is at least when we will get the UK CPI report and the Fed meeting minutes release.
Looking elsewhere, equities are also not doing too much. European indices are lower as the positive momentum wanes a little while US futures are flat and not showing much appetite either.
In the bond market, 10-year Treasury yields are down 0.9 bps to 4.428% but that isn’t much changed since the end of last week.