It's just one of those days where tomorrow can't come soon enough. Besides the kiwi today, other major currencies are lacking any real appetite to move on the day. In exemplifying that sentiment, EUR/USD is still hugging a 13 pips range only so far today. Talk about a snoozefest.
We're pretty much caught in the countdown to the US inflation report tomorrow. And that is leaving traders with a lack of conviction to go hunting today.
The expectation is that we will see headline annual inflation ease back to 3.1% for June. However, core annual inflation is expected to remain sticky at 3.4% - unchanged from May. Once again, there will be plenty of watchful eyes on the details. These were some of the key takeaways from last month's report.
The release tomorrow will come alongside the weekly jobless claims data, so there might be a bit of an added twist. Just be wary of that as such.
For today, the 10-year Treasury notes auction will be the only real item of significance on the agenda. So, it is still mostly a waiting game until we get to the main event tomorrow.
