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Limited workability amid a lack of key economic releases in Europe later

Once again, the dollar is proving to be a bit more resilient than expected after the rough aftermath to the US CPI data on Tuesday. USD/JPY came close to testing 150.00 yesterday before rebounding back to 151.30 currently while we are seeing the likes of GBP/USD and AUD/USD pull back after nearing key technical breakthroughs.

EUR/USD is the only one still in rather decent shape as it continues to hold above 1.0800 but it needs confirmation from other pairs to really pin down the dollar on the week. The US data releases yesterday were no fireworks and that is keeping markets in a bit of a bind, whether to follow through on the Tuesday moves or back off slightly for now.

Equities remain in a good position while the bond market is still seeing some pushing and pulling in the past few sessions. 10-year yields are now at 4.498%, down nearly 4 bps on the day, after yesterday’s tentative bounce. That is not really helping with trading sentiment so far today and with a lack of key economic data releases in Europe, traders won’t have much to work with in the session ahead.

It is a bare calendar day in European morning trade and so if there is anything to watch, it will be action in the bond market and/or risk sentiment. Otherwise, it looks like we might see more pushing and pulling before we get to US trading but all in all, it seems like the dollar is going to keep steadying itself until the next big headline rocks the boat.

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