It's all about the Fed today and after the early moves on the UK CPI data, things are looking calmer in European morning trade. Equities are higher while bond yields are lower, leaving the dollar just slightly lower at the balance so far.
EUR/USD is up 0.2% to 1.0695 but sitting in a 25 pips range on the day while GBP/USD is down 0.2% to 1.2370 but at least off its earlier low of 1.2335 at the start of the session. That being said, cable sellers continue to keep near-term control as seen below:
GBP/USD hourly chart
Elsewhere, USD/JPY is up 0.1% to 148.05 even with lower yields while AUD/USD is up 0.2% to 0.6467 although the latter is still resting in a measly 18 pips range today. Talk about a snoozefest, eh?
