There aren't any headlines driving the move at the moment and I'd just chalk this up to a fair bit of flows in the mix ahead of the US CPI data release later today. There isn't much conviction to go before the data, so unless one wants to point to any leaks going around, it just looks like we are seeing some positioning or flows at play here.

The dollar is now lower on the day with EUR/USD rising from 0.9700 to 0.9740 and the pound in particular is putting in a decent shift by moving up from 1.1060 earlier to 1.1150 at the moment:

GBPUSD H1 13-10

That said, price action is still very much caught in between its 100 (red line) and 200-hour (blue line) moving averages for the time being with tougher resistance seen closer to 1.1500 in the bigger picture of things. Ultimately, the US CPI data later today will be the determining factor for where we are going.

The turn lower in the dollar comes as equities are pushing higher, with European indices also bouncing. The DAX is up 0.8%, CAC 40 up 0.5%, and UK FTSE up 0.3% currently. The better mood comes as we see a further retreat in 30-year gilt yields, now down 31 bps to 4.58%:

UK30Y