A below-consensus number will be a big drag for the USD.

A very high print would be the opposite and cause the USD to rally.

The risk is binary, it is best to wait and get clarity from economic data.

The FED is under a bit of pressure to taper and there are high expectations for this number so all eyes on CPI at 8:30

We believe that any relief rally for the USD will be an opportunity to BUY currencies, we favor the EUR and GBP in this scenario, but want to be patient and enter at the proper levels.

More to come as the figure comes out and the market digests it.