A couple of releases to move things along in European trading | Forexlive

US CPI is the new NFP and it certainly delivered yesterday. It was a wild day in markets as we saw a major turnaround to the initial reaction as equities led the reversal, which culminated in the dollar slipping across the board as well.

Major currencies are more composed today but commodity currencies are inching ahead as risk tones are continuing to be more positive after the equities rebound yesterday here. S&P 500 futures are up another 0.7% on the day now and that is putting a more optimistic spin on things ahead of European trading.

USD/JPY is also a focus after a knock down in US trading yesterday from 147.65 to 146.45 in the aftermath of the US CPI data. That definitely reeked of intervention but it was quickly counteracted, though we are still holding just below the peak around 147.45 at the moment.