Dollar a touch softer awaiting the US CPI report later

July 11, 2024 12:56 pm

EUR/USD daily chart

There is a slight extension to the narrow ranges earlier but it is looking rather one-sided. The greenback is the one dragged lower now in European morning trade, with EUR/USD pushing to a one-month high of 1.0853. The pair is now up 0.2% on the day, with other major currencies also posting roughly similar gains against the dollar.

USD/JPY is down 0.1% to 161.50 while GBP/USD is up 0.2% to 1.2878, helped by a better UK monthly GDP data here. Besides that, USD/CHF is also down 0.2% to 0.8980 and AUD/USD up 0.2% to 0.6760 on the day.

The flows here are quite isolated though, with equities and bonds not really hinting at much. S&P 500 futures remain tepid, down 0.1% on the day. Meanwhile, 10-year Treasury yields are flat at 4.280% currently.

It looks to be some positioning flows as we start to draw closer to the main event later today. It’s all about US data with the CPI report in focus alongside the weekly jobless claims.

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