Dollar keeps steadier so far on the day | Forexlive
Major currencies aren’t doing a whole lot, as traders are lacking any real appetite so far today. That isn’t surprising as all eyes are on the US CPI data release coming up later. The dollar is keeping steadier, trading mostly little changed across the board.
EUR/USD is stuck within a range of less than 20 pips, not much changed from the Friday close of 1.0934 last week.
USD/JPY is a decent mover, rebounding from 146.63 in Asia to 147.30 levels now. That comes after BOJ governor Ueda did not offer any hints of an imminent policy change earlier. The high touched 147.60, with the 100-day moving average at 147.65 still limiting topside action for now.
Meanwhile, the pound is the laggard with GBP/USD down 0.3% to 1.2778 currently. The slight lag comes amid a softer UK labour market report here. That sees traders nudge up a little the BOE rate cuts pricing for this year but nothing too significant. The first rate cut is still priced in for August and the total number of rate cuts priced in for 2024 is ~75 bps. The latter is just a slight step up from ~72 bps before the jobs data.
For now, the wait continues ahead of the main event later today. Barring any headline surprises, there should not be much of anything interesting in the next few hours.