Today is pretty much a placeholder as traders are all waiting on the US CPI data tomorrow. That is a good enough reason for price action to trend more sideways to start the week. And that is precisely what we’re getting so far today. The dollar is keeping steadier but the changes on the day are leaving a lot to be desired.

EUR/USD is still cornered by key technical levels just under 1.0800 as outlined here. Meanwhile, USD/JPY is holding just above 149.00 but not really finding much conviction to race towards 150.00 yet. Then, GBP/USD is trading back up to its recent consolidation range of 1.2600 to 1.2800 and awaiting its next move.

As for the commodity currencies, USD/CAD saw a test of its January highs rejected last week and is now holding just under its 200-day moving average of 1.3475. And AUD/USD is trading in and around the 0.6500 mark with topside limited by its own 100-day moving average at 0.6535 for now.

In other markets, US futures are flattish and not offering much help on the day. As for Treasuries, 10-year yields are down just 1 bps to 4.177% and still holding below the key technical line near 4.20%.

There’s some poking and prodding overall, so it is now up to the US CPI data to deliver the next set of hints for markets.

This article was written by Justin Low at www.forexlive.com.