Themes 

• General mood is “risk off” 
• BoE’s Pill: BoE should move slowly in raising rates  

• Some risk appetite entered the market, but majors still stuck in ranges  

What’s Moving  

A little bit of movement overnight, but the majors remained within familiar ranges, as a little bit of risk appetite emerged to support commodity currencies, largely at the expense of the Dollar and the Yen. Sterling was hurt by comments from BoE Chief Economic Pill that the BoE should move slowly in raising rates.  

Oil rose slightly after a tighter than expected inventory report, while gold traded slightly weaker.  

Thoughts 

Expect a quiet day locally today amid a lack of major trading incentives overnight and ahead of tonight’s U.S. CPI data, which the market has been waiting for.  

Asian session data today sees:  

• Japanese PPI (E: 8.2%)  
• Australian M1 Inflation Expectations   

• Chinese M2 Money Supply (E: 9.2%)  

Pivot Points