Inflation is hanging heavy over markets. EURUSD under pressure this morning, staying within the recent range, we shall see if today’s print changes that. 1.1480 remains the line in the sand for the EURUSD.

The USD may rally on a STRONG CPI print, and conversely, a weaker than expected CPI print may see the USD selling resume.

There is also the FED noise in markets. It looks like Brainard is in the pole position for the FED chair. That is unequivocally USD bearish. That noise has been put on the back burner for a bit, but we have to be aware of it. She is gaining momentum as many in the administration, and particularly in the democratic party, favor a more dovish head as they see that as more aligned with their progressive views of the economy.

For now, all eyes on CPI this morning. We will update post number.