The dollar is tripping lower ahead of the main event this week, with USD/JPY in particular stumbling back below the 140.00 mark currently. The daily close today will be one to watch for the pair and a hold below the figure level will encourage sellers to keep the pressure on in the sessions ahead.
The greenback is also losing ground elsewhere with EUR/USD on approach to the April and May highs of 1.1075-95 and GBP/USD starting to inch closer towards a test of the 1.3000 mark. Meanwhile, AUD/USD is also angling for an upside break above key resistance levels in a push above 0.6700 today.
It's all shaping up for a further dollar breakdown and for the US CPI data to confirm/validate that.
Looking to Europe today, there isn't anything on the agenda that will impact markets before we get to the main event and don't forget that we also still have the BOC policy decision later on.
0700 GMT - Spain June final CPI figures
1100 GMT - US MBA mortgage applications w.e. 7 July
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.
