The moves are relatively mild, all things considered. But the dollar is on the backfoot across the board with the market focused on the US CPI report later in the day. There is a sense of ‘peak inflation’ flowing through and that is evident in the bond market as well.10-year Treasury yields are down 3.3 bps to 2.959% with yields down across the curve as well. 2-year yields are down 1.5 bps to 2.608% at the moment.Going back to the dollar, EUR/USD is up 0.2% to 1.0550 while USD/JPY is down 0.2% to 130.10 currently. The aussie is a notable gainer as it is up 0.5% to 0.6972 but still keeping below the pivotal 0.7000 level for the time being.If anything else, one can expect more significant moves on either side to only come after the US CPI report at 1230 GMT.
Dollar sluggish to start the session
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