The laggard on the day is the Swiss franc, following the softer-than-expected inflation report here. USD/CHF is up 0.6% to 0.8806 now, running into a test of its 100-day moving average at 0.8807:

Besides that, the only other mover on the session has been the pound. GBP/USD is up 0.3% to 1.2660 after the UK jobs report earlier here. That said, the pair remains rangebound in the bigger picture as it settles back into the range between 1.2600 and 1.2800.

Elsewhere, EUR/USD and USD/JPY are both flattish at around 1.0774 and 149.38 respectively currently. The former continues to rest in and around the technical channels outlined here while the latter is waiting to see if there is any spark to ignite a test of the 150.00 mark.

It all comes down to the US CPI data later in the day now. That will be the key driver for trading sentiment in the sessions to come.

In other markets, stocks are down as traders heed some caution ahead of the main event. S&P 500 futures are lower by 20 points, or 0.4%, currently. Meanwhile, the bond market is rather lethargic with 10-year Treasury yields flat at 4.167%. Despite the slow mood there, things should pick up after the data release with eyes on the ceiling at the 4.20% mark potentially.

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