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Dollar awaiting US CPI data

There isn’t much in the way of headlines driving the markets today, but we see the Dollar pull back amid positioning flows ahead of the key risk event later today. EUR/USD is now up 0.5% at 1.0170 as buyers look to take advantage of yesterday’s break above swing region resistance at 1.0075-90:

It is still possible for the rally to extend towards the 100-day moving average (red line) at 1.0333, so watch out for that following US CPI data later this week.

Meanwhile, GBP/USD is holding 0.4% higher at the 1.1720 level, as seen earlier here. And USD/JPY is down 0.5% at 142.18 as it continues to play between the 100 and 200 hourly moving averages right now:

Elsewhere, with the risk mood more positive for now, commodity currencies also maintain a slight lead against the dollar. USD/CAD is down 0.3% at 1.2960 while AUD/USD is up 0.3% at 0.6910 on the current day.

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