<p>Headlines:</p><ul><li><a target=“_blank“ href=“https://www.forexlive.com/news/dollar-on-the-backfoot-awaiting-us-cpi-data-20220913/“>Dollar on the backfoot awaiting US CPI data</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/eu-reportedly-unlikely-to-cap-price-of-russian-gas-20220913/“>EU reportedly unlikely to cap price of Russian gas</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/us-august-nfib-small-business-optimism-index-918-vs-899-prior-20220913/“>US August NFIB small business optimism index 91.8 vs 89.9 prior</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/uk-august-payrolls-change-71k-vs-73k-prior-20220913/“>UK August payrolls change +71k vs +73k prior</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/germany-august-final-cpi-79-vs-79-yy-prelim-20220913/“>Germany August final CPI +7.9% vs +7.9% y/y prelim</a></li><li><a target=“_blank“ href=“https://www.forexlive.com/news/spain-august-final-cpi-105-vs-104-yy-prelim-20220913/“>Spain August final CPI +10.5% vs +10.4% y/y prelim</a></li></ul><p>Markets:</p><ul><li>EUR and JPY lead, USD lags on the day</li><li>European equities higher; S&P 500 futures up 0.7%</li><li>US 10-year yields down 4.4 bps 3.317%</li><li>Gold up 0.4% to $1,730.43</li><li>WTI crude up 1.5% to $89.11</li><li>Bitcoin up 0.6% to $22,551</li></ul><p style=““ class=“text-align-justify“>European trading today was more or less a placeholder as we count down to the US CPI data release later today.</p><p style=““ class=“text-align-justify“>The dollar is on the backfoot as positioning flows ahead of the key risk event weigh on the currency while stocks are higher as risk sentiment looks more positive. EUR/USD moved up from 1.0135 to 1.0180 while USD/JPY slipped from 142.40 to 141.90 as Treasury yields are also looking a fair bit heavy during the session.</p><p style=““ class=“text-align-justify“>GBP/USD nudged higher from 1.1690 to 1.1730 as the UK unemployment rate hits a 48-year low, though pay growth – in real terms – continues to slide at an alarming rate so that is something to be wary about.</p><p style=““ class=“text-align-justify“>Elsewhere, USD/CAD nudged lower from 1.2980 to 1.2955 and AUD/USD moved up from 0.6885 to 0.6915 on the session as equities are also positioning higher going into the main event.</p><p style=““ class=“text-align-justify“>CPI is the new NFP now and it’s going to be a real fun one in just over 30 mins‘ time.</p>
This article was written by Justin Low at forexlive.com.