I'm betting on Dollar weakness heading into today's FOMC minutes. Specifically I have a short USD/JPY at 124.20. This is an area that has been tested all week. Furthermore, the pair has been stuck in a unprecedented 37 pips range all week. A breakout is due and it will likely happen around FOMC minutes.

Little earlier in the day we have some US CPI figures. Both the Core and the CPI are expected at +0.2%. This report usually doesn't deliver large deviations. But even in the case of small differences market participants may decide to push the USD pairs around.

We saw this behavior yesterday after the UK CPI. It's still the crappy summer season, as evidenced by the tiny USD/JPY range this week.

Just 12 days to go!
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