The market mood is more pensive for now but ahead of the Fed decision later today, the underlying backdrop is that we got another softer US consumer inflation report and one that vindicates optimism in risk trades. It is a case of Christmas comes early and now it is over to Powell to not play the part of the Grinch.
The dollar is in a vulnerable spot once again amid some cracks in key technicals levels pointed out here. But at least USD/JPY is still seen holding in and around its 200-day moving average at 135.34 and that is alleviating any further pressures for the time being.
Looking towards Europe, UK inflation is the main focus and that will be one to watch for the pound with the BOE coming up tomorrow. Otherwise, it will be another session of wanting and waiting for the Fed to come along later today.
0700 GMT - UK November CPI figures
0730 GMT - Switzerland November producer and import prices
0800 GMT - Spain November final CPI figures
1000 GMT - Eurozone October industrial production
1200 GMT - US MBA mortgage applications w.e. 9 December
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.
11 - Lionel Messi's goal against Croatia makes him Argentina's World Cup top goal scorer with 11 goals, surpassing Gabriel Batistuta's 10 goals in the competition.
