The dollar remains steady but the ranges for the day is relatively narrow for the most part. USD/JPY is down slightly though, after the close last week held below the 145.00 mark. Besides that, the changes among dollar pairs are light as we get settled into the new week:
S&P 500 futures are flattish but Dow futures are down slightly, so that is leaning a little to a softer mood ahead of European trading. Gold is also down 0.5% to $2,035 as the retreat since the turn of the year continues. In what is usually favourable month for the precious metal, it is down 1.3% already since last week.
That being said, trading this week could be split into two halves. The first being pre-CPI and the second being post-CPI.
As we are in the former, traders might be content to stick with the ongoing mood overall in retracing some of the moves from November and December. As for the latter, it really depends on the inflation numbers so as to validate or invalidate the action since the new year.
