• CHF leads, JPY lags on the day
  • European equities higher; S&P 500 futures up 0.2%
  • US 10-year yields down 0.8 bps to 4.096%
  • Gold down 0.5% to $2,171.23
  • WTI crude up 0.3% to $77.80
  • Bitcoin up 0.1% to $72,200

It was a relatively quiet session and understandably so as markets are prepping for the US CPI data later today.

The Japanese yen was an early mover in Asia, losing ground following BOJ governor Ueda's remarks. He failed to provide any hints of an imminent policy shift and that was enough to disappoint yen bulls a fair bit, with USD/JPY racing up from 146.90 to 147.30. The pair gained further to 147.60 before consolidating around 147.30-40 levels in European trading.

Other major currencies were more subdued, trading in relatively narrow ranges as the dollar held steadier. The pound is down slightly after a softer UK labour market report but not anything too outstanding.

In other markets, equities are cautiously optimistic while gold is seeing some profit-taking ahead of the main event. The latter is down 0.5% to $2,171 as its run of nine consecutive days of gains is under threat.

All eyes are now on the US CPI data in just under an hour to come. Just be mindful that we also do have a 10-year Treasury notes auction to come later in the day. That is another potential key risk event for the bond market.