It's looking to be a rather slow and choppy week as markets are beginning an early countdown to the US CPI and FOMC meeting decision next week. The dollar is still in a decent spot but the trading ranges so far this week are leaving a lot to be desired.
AUD/USD is perhaps the only standout with the pair running into resistance from its 200-day moving average at 0.6690. Besides that, lower Treasury yields is making it tough for the dollar to gain much traction with USD/JPY anchored just below 140.00 while not really breaking any lower for now.
Equities managed to put up a decent showing yesterday but if anything else, the mood was rather lackluster overall and it seems to be continuing today as well.
It's tough to gather much conviction again and as the main events next week draw closer, there will be more money moving to the sidelines in the days ahead.
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