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Inflation data in focus for the session ahead

The dollar sits in a commanding spot going into European trading today, with USD/JPY even racing higher now to 147.75 at the highs for the day. The pair is looking to breach its 100-day moving average of 147.41 and that itself should lend a further bid to other dollar pairs as well.

So far today, bond yields are little changed although 10-year yields are sitting close to a key technical level as highlighted earlier here. Meanwhile, equities remain on the defensive with S&P 500 futures down 0.3% for the time being. It’s all still to play for though, with US retail sales data coming up later in the day.

But before that, inflation numbers will be a focus point for European traders. We’ve got UK CPI data for December and that will keep the pound on edge. The data should reaffirm a slight easing in price pressures, although with core prices still near 5%, that is no room for comfort yet for the BOE. Then, there is the Eurozone CPI data but it will be the final estimate so that should not offer too much for traders to work with.

As such, the bigger fish to fry will be the US data later today instead.

0700 GMT – UK December CPI figures
1000 GMT – Eurozone December final CPI figures
1200 GMT – US MBA mortgage applications w.e. 12 January

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.

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