Dollar sluggish to start the session

The moves are relatively mild, all things considered. But the dollar is on the backfoot across the board with the market focused on the US CPI report later in the day. There is a sense of 'peak inflation' flowing through and that is evident in the bond market as well.

10-year Treasury yields are down 3.3 bps to 2.959% with yields down across the curve as well. 2-year yields are down 1.5 bps to 2.608% at the moment.

Going back to the dollar, EUR/USD is up 0.2% to 1.0550 while USD/JPY USD/JPY The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting The USD/JPY is the currency pair encompassing the dollar of the United States of America (symbol $, code USD), and the Japanese yen of Japan (symbol ¥, code JPY). The pair’s rate indicates how many Japanese yen are needed in order to purchase one US dollar. For example, when the USD/JPY is trading at 100.00, it means 1 US dollar is equivalent to 100 Japanese yen. The US dollar (USD) is the world’s most traded currency, whilst the Japanese yen is the world’s third most traded currency, resulting Read this Term is down 0.2% to 130.10 currently. The aussie is a notable gainer as it is up 0.5% to 0.6972 but still keeping below the pivotal 0.7000 level for the time being. The intraday range, while relatively narrow, highlights that the dollar is down near the lows now:

If anything else, one can expect more significant moves on either side to only come after the US CPI report at 1230 GMT.