The entire start of the week served as a placeholder to the US CPI data release and well, at least the main event delivered. There were some sizable moves in markets yesterday but things have calmed down considerably so far today. The narrow ranges among dollar pairs exemplifies the inaction for the time being:

FX 11-08

I would expect things to pick up in the sessions ahead and certainly before we get to the weekend but best be mindful that it is early days to label this an inflection point on the inflation front and with regards to the Fed outlook. However, at least markets are able to lean more towards a 50 bps rate hike for now but that is not to say that the door is shut on a 75 bps rate hike in September.

I'll put up the charts and key technical levels to watch in major dollar pairs during the session but in the meantime, just take note that we could see a slow start to proceedings with it being a bare calendar day in Europe. Yup, there isn't going to be any notable economic releases in the session ahead. Zero. Zip. Zilch. Nada.