About the only good thing the dollar bulls can say this morning is “at least 1.4720 didn’t break”. It was not for lack of effort, however. Heavy Asian options protection ahead of barriers at 1.4700, 1.4710, 1.4725 was seen earlier today, so the market is now in digestion mode after swallowing a whale. Dips are holding above the former range tops in the 1.4635/55 area. Small stops are eyed in the 1.4625/30 area.
US CPI is the near-term focus. It is expected to rise 0.3%, 0.1% ex-food and energy.
EUR/USD trades now at 1.4671.