Good morning, afternoon and evening all. Any charts, technical analysis, trade ideas, thoughts, views, ForexLive traders would like to share and discuss with fellow ForexLive traders, please do so:

There were numerous Fed speakers on Tuesday, US time:

• Fed's Kashkari: The fundamentals seems strong and I'm optimistic that will continue
• Fed's Barkin: Fed in position to respond appropriately regardless of how economy evolves
• Fed's Waller: Makes no comments on economy or monetary policy outlook

and we get one more today in Asia:

• 2200 GMT / 1700 US Eastern time - Federal Reserve Bank of Philadelphia President Patrick Harker speaks on "Fintech, AI and the Changing Financial Landscape".

Which doesn't sound too promising for remarks from him on the economy or monetary policy. But, perhaps we'll get a mortsel thrown to us in any Q&A.

***

As for the data agenda, it's a bit of a yawn, none of it likely to move around major FX upon release.

From Japan we'll get an update of wholesale inflation - the PPI for October. The Producer Price Index (PPI) in Japan is also known as the Corporate Goods Price Index (CGPI)

• its a measure of the average change over time in the selling prices received by domestic producers for their output
• is calculated by the Bank of Japan

Unlike the Consumer Price Index (CPI), which measures the price change that consumers see for a basket of goods and services, the CGPI focuses on the change in the prices of goods sold by companies.

The PPI reflects some of cost pressures faced by producers

• its based on a basket of goods that represents the range of products produced within the Japanese economy, including items such as:
  • raw materials like metals and chemicals
  • semi-finished goods
  • and finished products
  • different weights are assigned to each category within the index based on its contribution to the overall economy.
• it does not account for the quality improvements in goods and services over time, which might lead to overestimation of inflation
  • additionally, it reflects only the prices of domestically produced goods, leaving out the impact of imported goods

The PPI can be used as a guide to inflationary pressures in the economy:

• If producers are facing higher costs, they may pass these on to consumers, leading to higher consumer prices.

***

From Australia we'll get wages data for Q3. Wage growth is expected to keep slowing (y/y) in Q3 2024. With the labor market softening, upward pressure on wages has been easing over recent quarters.

In Commonwealth Bank of Australia's preview they cite their internal data as indicating a quarterly wage growth of around 0.9%, a notable decrease from the 1.3% growth seen in the same quarter last year, which had been boosted by a significant 5.75% increase in award and minimum wages. As a result, the annual wage growth rate is projected to fall to 3.6%, bringing it closer to a level compatible with sustainable, in-target inflation.

While the labour market softening, but from strong levels, the RBA is eyeing wage growth as a factor helping keep inflation sticky. A moderation in growth for wages will be welcomed by the bank if it translates into softening price pressure also.

• This snapshot from the ForexLive economic data calendar, access it here.
• The times in the left-most column are GMT.
• The numbers in the right-most column are the 'prior' (previous month/quarter as the case may be) result. The number in the column next to that, where there is a number, is the consensus median expected.
• I’ve noted data for New Zealand and Australia with text as the similarity of the little flags can sometimes be confusing.

The major US stock indices are all closing lower. No new records today.

The final numbers are showing:

• Dow Industrial average -382.15 points or -0.86% at 43910.98
• S&P -17.36 points or -0.29% and 5983.99.
• NASDAQ index -17.36 points or -0.09% at 19281.40.

The small-cap was 2000 with a decline of -43.13 points or -1.77% at 2391.84.

• US indices close lower on the day. No new records today.
• Bitcoin trades above $90,000 for the first time. It broke the $80,000 level on Monday
• US CPI to be released tomorrow at 8:30 AM. Expectations are for 0.2% MoM
• It's not a pretty picture in China
• Fed's Kashkari: The fundamentals seems strong and I'm optimistic that will continue
• BofA: Life don't come easy for CHF: What's the trade?
• US 10 year yield looks to close at the highest level since July 1
• Major European indices are closing sharply lower
• John Paulson drops out of the running for Treasury Secretary
• New York Fed: 1-year inflation expectations 2.9% versus 3.0% last month
• Fed's Barkin: Fed in position to respond appropriately regardless of how economy evolves
• Fed's Waller: Makes no comments on economy or monetary policy outlook
• And they are off. US stocks are marginally higher in the early trading
• LiteFinance Becomes the Official Trading Partner of Leicester City Football Club
• Kickstart the FX day. A look at the EURUSD, USDJPY and GBPUSD from a technical perspective
• Canada Sept building permits +11.5% vs +1.7% expected
• Forexlive European FX news wrap: Not much action as we await the US CPI release tomorrow

Markets:

• Bitcoin trades to $90,000 for the first time, two days after passing $80,000. The high reached $90,243
• WTI crude trades down $0.07 at $67.97
• 2 year yield 4.338%, up 8.4 basis points. 10 year yield 4.421%, +11.4 basis points.
• Gold down -$20.78 or -0.79% at $2598.58. Lowest level since September 20
• S&P 500 -17.36 points or -0.29% at 5983.99.
• Nasdaq index down -17.36 points or -0.09% at 19,281.40. Both the Nasdaq and the S&P closed by the exact same point amount....
• Russell 2000 tumbled -43.13 points or -1.77% at 2391.84

In the US the NY Fed Survey showed inflation expectations moving lower with the one year inflation at 2.9% vs 3.0% estimate. That is the lowest in 4 years. The 3 and five years measures also declined with the 3 year down to 2.5% from 2.7%, and the 5 year down to 2.8% from 2.9%.

In Canada building permits soared by 11.5% after -6.3% decline last month. Overall permits were the second-highest level since the start of the new series in January 2017 but it's more of a one-off around government spending than anything related to the economy. Ontario's institutional component received big contributions from construction for long-term care facilities across the province and a hospital permit in Prince Edward County. Residential building is holding up on the multi-family side as the pipeline of condos continues to work its way through but single-family has flatlined.

The US bond market was open after Monday's Veteran's Day holiday and selling was the order of the day as traders price in the inflationary and growth implications of a GOP sweep (and perhaps increased deficits too). The 10-year yield rose close to 12 basis points. The 2 year is up close to 9 basis points.

The USD moved higher with the greenback moving the most vs the GBP (0.95%).. The GBPUSD moved to the lowest level since August 8 and traded below the 61.8% retracement of the move up from the April low. That level comes in at 1.27322. The current price is trading just above that level into the close for the day.

The EURUSD is rallying modestly into the close but still saw the dollar higher by 0.26% versus the EUR. The pair moved below the 1.0601 level which took to price to a new low for 2024. The low could only get to 1.0594 before bouncing higher into the close. The sellers in the EURUSD had their shot. They missed.

The USDJPY is closing higher by 0.61% and into a swing area between 154.54 and 155.21. The high price reached 154.92 extending above the high price from last week at 154.70. The price is trading at 154.62 into the close. Buyers are in control. Can they extend to the high target at 155.21.

The USDCAD traded to the highest level going back to October 2022 when the price extended to 1.3977. The high price today reached 1.3966 just 11 pips short of that high. The price is trading at 1.3949 going into the end of the trading day.

Gold continues its move to the downside after reaching record levels at the end of October at $2790.07. The price has since fallen -6.89% to $2597.88.

Bitcoin's sprint to the topside continued today with the price reaching above $90,000 for the first time ever and just 2-days after breaking above the $80,000 level. The high price reached $90,243. The price has come off that lofty level and trades at $88,092.

Australian-founded broker FP Markets further cemented its position as a market leader, winning ‘Most Trusted Broker - Global’, ‘Broker of the Year - Asia’, and ‘Fastest Growing Broker - LATAM’ at the inaugural Finance Magnates Annual Award (FMAA) Gala. The event was held on Wednesday, 23 October, at the Lemon Park Venue in Nicosia, Cyprus.

Powered by Amazon Web Services (AWS), the FMAAs ‘celebrate the highest levels of innovation and excellence across fintech, Forex, payments, and trading platforms’. The winners were determined through a dual process: online voting accessible to industry professionals and the global trading community, and a distinguished panel of judges. Notably, global multi-asset Forex and CFD broker FP Markets was the only company to take home three FMAAs on the night.

FP Markets’ Global Head of Marketing, Andria Phiniefs, commented: ‘Being nominated along with some of the industry’s biggest names is a tremendous honour in itself. Winning three awards through votes from the global trading community and industry stakeholders marks a significant accomplishment for our team. This recognition inspires us to continue to pursue our mission, which we embarked on nearly twenty years ago: to be the preferred and most trusted broker for traders worldwide’.

FP Markets continues to leverage opportunities beyond existing markets, while maintaining a consistent standard of product and service quality for its clients globally. As part of the broker’s twentieth anniversary next year, the investing community can also expect further trading technology advancements and updates.

About FP Markets:

● FP Markets is a Multi-Regulated Forex and CFD Broker with over 19 years of industry experience.

● The company offers highly competitive interbank Forex spreads starting from 0.0 pips.

● Traders can choose from leading powerful online trading platforms, including FP Markets’ Mobile App, MetaTrader 4, MetaTrader 5, WebTrader, cTrader, Iress and TradingView.

● The company's outstanding 24/7 multilingual customer service has been recognised by Investment Trends and awarded ‘The Highest Overall Client Satisfaction Award’ over five consecutive years.

● FP Markets was awarded ‘Best Value Broker - Global’ for six consecutive years (2019, 2020, 2021, 2022, 2023, 2024) at the Global Forex Awards.

● FP Markets was awarded the ‘Best Broker – Europe’ and the ‘Best Forex Partners Programme – Asia’ at the Global Forex Awards (2022, 2023, 2024).

● FP Markets was awarded ‘Best Trade Execution’, and ‘Most Trusted Broker’ and ‘Best Trade Execution’ at the Ultimate Fintech Awards in 2022 and 2023, respectively.

● FP Markets was crowned ‘Best CFD Broker - Africa’ at the 2023 FAME Awards.

● FP Markets was awarded ‘Best Trade Execution’ and ‘Most Transparent Broker’ at the Ultimate Fintech Awards APAC 2023.

● FP Markets was awarded the ‘Best Price Execution’ at the Brokersview Awards 2024, Singapore.

● FP Markets was awarded the ‘Best Trading Experience - Africa’ at the FAME Awards 2024.

● FP Markets was awarded ‘Most Transparent Broker’ and ‘Best Trading Conditions’ at the Global Ultimate Fintech Awards 2024.

● FP Markets was awarded ‘Best Forex Spreads APAC’ and ‘Best Trading Experience APAC’ at the 2024 Finance Magnates Pacific Summit.

● FP Markets regulatory presence includes the Australian Securities and Investments Commission (ASIC), the Financial Sector Conduct Authority (FSCA) of South Africa, the Financial Services Commission (FSC) of Mauritius, the Cyprus Securities and Exchange Commission (CySEC), the Securities Commission of the Bahamas (SCB), and the Capital Markets Authority (CMA) of Kenya.

For more information on FP Markets' comprehensive range of products and services, visit https://www.fpmarkets.com/

SP Negócios, São Paulo’s investment and export promotion agency, has partnered with Polkadot to foster innovation among companies in São Paulo.

Driven by the growing market demand, Polkadot is increasingly positioning itself as an ally for businesses looking to grow in an innovative, secure, and transparent way. It has been sponsoring educational initiatives through Código Brazuca. Thanks to this, companies and citizens in São Paulo will have access to blockchain programming training through Código Brazuca's content starting in December. This will be possible through the partnership established with Polkadot / Sunset Labs and São Paulo’s investment and export promotion agency, SP Negócios.

“The partnership between Polkadot and SP Negócios will contribute to the training of Blockchain Programmers and is open to bringing technology to companies in São Paulo, whether they are startups, small and medium-sized enterprises, or large corporations seeking to invest in or adopt the technology,” says Gustavo J. Massena, Decentralized Business Developer at Polkadot.

The program is free and will be available online, open to companies in São Paulo. Registrations will soon be available through SP Negócios, and no prior qualifications are required.

The partnership with Polkadot is part of SP Negócios’s strategy to boost the business environment within the crypto economy sector, reinforcing São Paulo as a hub of technology and innovation. Blockchain plays a transformative role in various areas, including decentralized finance, asset tokenization, NFTs, and more. By promoting the training of qualified professionals, SP Negócios seeks to attract investments, foster new startups, and solidify the city as a reference in adopting and developing blockchain-based solutions.

About SP Negócios

SP Negócios (https://spnegocios.com/) is an autonomous social service aimed at boosting investments and business in São Paulo. It is linked to the Municipal Secretariat of Economic Development and Employment. The goal is to help São Paulo-based companies conduct more business through exports, innovation and technology, public sector engagement, and improvement of the business environment.

About Polkadot

Polkadot is an open-source, multichain sharing protocol that facilitates the transfer of any type of data or asset, not just tokens, between networks, making a wide range of blockchains interoperable.

Since its founding in 2004, Dukascopy has grown into a trusted, innovative leader in the fintech and online trading space, providing clients with advanced tools and a stable platform for smart financial decisions.

Over the past 20 years, Dukascopy has reached major milestones that reflect its core values of stability, innovation, and putting clients first. From its proprietary JForex platform to the popular MT4 and MT5, Dukascopy offers a variety of trading platforms along with modern neo-banking services for both individuals, businesses, and institutions. The bank has also led the way in technology upgrades with White Label and banking-as-a-platform solutions.

As Dr.Andre Duka, Dukascopy’s founder, says, "Innovation has always been at the heart of what we do. We aim to continue delivering these high standards into the future. Thank you, our clients, for choosing us for these 20 years."

Currently, Dukascopy (https://dukascopy.click/agw) proudly serves over 400,000 clients across both trading and banking services. This commitment to delivering cutting-edge solutions, backed by Swiss-grade stability, has allowed the company to maintain long-term relationships with clients, many of whom have been trading and banking with Dukascopy for decades.

As the company looks toward the future, Dukascopy remains focused on empowering traders and banking clients, expecting significant growth of its client base across all segments, from trading to neo-banking, corporate to white-label services.

Warped Games, an indie game studio consisting of web3 and veteran game developers who have a legacy in creating player-focused games like LEGO Universe, Jumpgate, and Dragons and Titans, is on a mission to onboard millions of players to expand the Warped Universe, an immersive blockchain-powered game where players’ actions and decisions shape the environment and influence each season’s direction. After extensive exploration, Warped Games selected Sui as the blockchain to support this ambitious vision, thanks to its player-friendly approach and innovations in the Move language.

The announcement of Warped Games becoming an official partner with Mysten Labs arrives at a pivotal moment for blockchain gaming. With games like "Off The Grid" making strides toward mainstream adoption, this new collaboration marks another significant step in expanding blockchain gaming’s reach to a wider audience.

James Wing, Head of AAA Gaming Partnerships for Mysten Labs, commented on the official partnership: "Warped Games embodies what is exciting about this industry - founders and products that are built with passion to boldly address the wants of modern gamers. We are tremendously excited to partner with our friends at Warped and aid them in their journey to pioneer a new age of games on Sui."

Warped Universe: Empowering Players

Player empowerment is at the core of Warped Universe’s design. Here, players will be able to engage in PvE action in single-player or co-op mode, with an innovative multi-genre design giving players the flexibility to choose between turn-based or real-time genres across both ground and space gameplay. Players will also get to choose missions that influence the broader “meta-game,” affecting the balance of light and gravity for all, leading to wild and chaotic scenarios as each season aims to build a unique solar system in the Universe. This level of control redefines what it means to participate in a player-driven virtual world.

Breaking Barriers to Blockchain Accessibility

One of the largest obstacles facing blockchain adoption today is its intimidating complexity for newcomers. Traditional blockchain experiences involve managing seed phrases, navigating wallets, high fees, slow speed, and unfriendly, often intimidating transactions—barriers that can alienate potential users. Sui’s design eliminates these hurdles by offering a seamless, user-friendly blockchain experience required by games like Warped Universe, aiming to appeal to a mainstream gaming audience.

With Sui’s zkLogin feature, players can access the blockchain and create wallets using familiar credentials, like passkeys or existing logins, removing the need for seed phrases and technical know-how. For those who prefer greater control, Warped Universe will also allow players to connect their own self-custodied wallets, giving them the option to manage their assets independently. This accessibility empowers users to focus on what matters most—the game experience itself.

Enhanced NFT Utility with Move

Sui’s Move language and object model empower Warped Universe to create NFTs that go beyond static assets, offering dynamic, context-rich tokens that evolve with each player’s journey. Sui treats each asset as an individual, on-chain object with unique IDs and customizable fields, allowing NFTs to reflect player progression and deepen in-game immersion.

Innovations extend to the use of closed-loop tokens for in-game purchases and season pass NFTs, which act as "time capsules", allowing players to revisit exclusive content from past seasons. With each season in Warped Universe serving as a self-contained story arc, these season passes aren’t just NFTs—they’re gateways to the game’s evolving history, creating lasting value and enhancing player ownership.

Kiosk: Marketplace Re-Imagined

Kiosk is a decentralized system designed for commerce applications on the Sui network, similar to traditional markets where vendors sell goods or services from small, standalone booths. Just like in those markets, where individual sellers operate their own kiosks, owning the products on display and managing their own sales, with Kiosk, shared objects are owned by individual parties who store assets and may list them for sale as well as utilizing custom trading functionality, such as royalties and the ability to rent assets.

Walrus: Re-Defining Digital Ownership in Warped Universe

As Warped Universe expands, decentralized storage will play a crucial role in ensuring the authenticity and accessibility of in-game assets. Mysten Labs’ Walrus protocol is set to support this need, providing a secure and efficient way to store raw data and media files—such as images, audio, video, and other game assets—at low cost without compromising performance. Unlike traditional NFTs, which often store metadata off-chain on platforms like IPFS or AWS, Walrus enables both the NFT and its metadata to be stored in a decentralized manner. This integration introduces new ways for players in Warped Universe to experience genuine ownership of their digital assets, giving them the ability to store in-game captures or statistics, and creating a more immersive and reliable player-driven experience.

High Performance, Scalability, and Environmental Responsibility

In Warped Universe, players aren’t just playing a game; they’re building and defending entire solar systems each season, with their achievements and digital assets minted and transacted on-chain in the background. This model requires a blockchain capable of handling high transaction volumes both efficiently and affordably. Sui’s high throughput and low transaction costs make this possible, providing fast, cost-effective, and seamless on-chain transactions that support a robust gaming economy.

Sui also prioritizes environmental sustainability by using a delegated proof-of-stake (DPoS) consensus model rather than energy-intensive proof-of-work. With its efficient Directed Acyclic Graph (DAG) architecture, Sui can process large transaction volumes with minimal environmental impact—aligning perfectly with Warped Games’ vision of a sustainable, responsible gaming ecosystem.

“With Sui, we can create an immersive, evolving on-chain gaming ecosystem where players can own, modify, and evolve assets without compromising the gaming experience,” said Adam Straney, Managing Director at Warped Games. “This approach lets us build an interconnected universe on a blockchain that’s fast, scalable, and environmentally responsible, supporting our vision of an accessible, seamless player-owned economy. Gamers can focus on having fun, with blockchain as a supportive tool rather than the centerpiece."

Looking Ahead with Warped Universe and Sui

Currently, the blockchain element in Warped Universe is the $WARPED token, an ERC-20 token designed to give holders a voice in game design, seasonal voting, discounts, potential rewards, and exclusives. While specific plans for the token’s future are yet to be announced, the Warped Universe team is committed to keeping current holders top of mind as they explore expanding to the Sui blockchain. Plans for the WARPED token, on-chain assets, skins, seasonal passes, and other elements will be shared in due time—stay tuned for updates.

As Warped Universe continues to develop, the teams at Warped Games and Mysten Labs are dedicated to working closely together to explore practical blockchain integration in games, enhancing player ownership, scalability, and immersive gameplay. Together, through Warped Universe and the Sui blockchain, they’re building a unique, player-driven experience that showcases the future of blockchain gaming.

About Warped Games

Warped Games (https://warped.games/) is an indie game studio dedicated to creating immersive, player-driven gaming experiences with a focus on blockchain integration. Known for pushing the boundaries of web3 technology, the team behind Warped Games combines industry veterans from both gaming and tech to bring innovative worlds like Warped Universe to life.

About Mysten Labs

Mysten Labs is a technology company focused on advancing blockchain infrastructure to support next-generation applications. Founded by experts in distributed systems, Mysten Labs developed the Sui blockchain, a high-performance, user-friendly platform designed to make blockchain technology accessible and scalable for mainstream audiences.

At 10 am Sydney time on Thursday, November 14, 2024,

• Panel Participation by RBA Governor Michele Bullock, at the ASIC Annual Forum, Sydney
• that's 2300 GMT, 1800 US Eastern time on Wednesday, November 13, 2024

Perhaps we'll hear something on wages data from earlier today:

• Australia data - Wage Price Index for Q3 2024: +0.8% q/q (expected +0.9%, prior +0.8%)

But, probably not:

• Australia - "Wage inflation is moderating as expected"

The RBA next meet on December 9 and 10 and no change to the cash rate is widely expected.

Later today, Wednesday, 13 November, we get the US consumer inflation data for October 2024

• due at 1330 GMT, which is 0830 US Eastern time

Previews posted already:

• US CPI to be released tomorrow at 8:30 AM. Expectations are for 0.2% MoM

• US CPI data due Wednesday - possible upside surprise.
• US inflation data this week expected to show core CPI moving sideways - risk ahead higher

OK, what to expect. This snapshot from the ForexLive economic data calendar, access it here.

Taking a look at the range of expectations compared to the median consensus (the 'expected' in the screenshot above) for the key data points:

CPI Headline y/y, expected 2.6% with the range showing:

• 2.3% - 2.7%

CPI Headline m/m expected 0.2% with the range showing:

• 0.1 to 0.3%

CPI excluding food and energy (the core rate of inflation) y/y expected 3.3% with the range showing:

• 3.2 - 3.4%

CPI excluding food and energy (the core rate of inflation) m/m expected 0.3% with the range showing:

• 0.2 to 0.4%

***

Why is knowledge of such ranges important?

Data results that fall outside of market low and high expectations tend to move markets more significantly for several reasons:

• Surprise Factor: Markets often price in expectations based on forecasts and previous trends. When data significantly deviates from these expectations, it creates a surprise effect. This can lead to rapid revaluation of assets as investors and traders reassess their positions based on the new information.

• Psychological Impact: Investors and traders are influenced by psychological factors. Extreme data points can evoke strong emotional reactions, leading to overreactions in the market. This can amplify market movements, especially in the short term.

• Risk Reassessment: Unexpected data can lead to a reassessment of risk. If data significantly underperforms or outperforms expectations, it can change the perceived risk of certain investments. For instance, better-than-expected economic data may reduce the perceived risk of investing in equities, leading to a market rally.

• Triggering of Automated Trading: In today’s markets, a significant portion of trading is done by algorithms. These automated systems often have pre-set conditions or thresholds that, when triggered by unexpected data, can lead to large-scale buying or selling.

• Impact on Monetary and Fiscal Policies: Data that is significantly off from expectations can influence the policies of central banks and governments. For example, in the case of the inflation data due today, weaker than expected will fuel speculation of nearer and larger Federal Open Market Committee (FOMC) rate cuts. A stronger (i.e. higher) CPI report will diminish such expectations. the December meeting is in focus right now.

• Liquidity and Market Depth: In some cases, extreme data points can affect market liquidity. If the data is unexpected enough, it might lead to a temporary imbalance in buyers and sellers, causing larger market moves until a new equilibrium is found.

• Chain Reactions and Correlations: Financial markets are interconnected. A significant move in one market or asset class due to unexpected data can lead to correlated moves in other markets, amplifying the overall market impact.

We had Fed speakers on Tuesday US time, Kashkari watered down the prospect of a December rate cut ... didn;t rule it out but he sounds shaky:

• Fed's Kashkari: The fundamentals seems strong and I'm optimistic that will continue
• Fed's Barkin: Fed in position to respond appropriately regardless of how economy evolves
• Fed's Waller: Makes no comments on economy or monetary policy outlook

The agenda ahead includes another three. The times below are GMT/US Eastern time format:

• 1435/0935 Federal Reserve Bank of Dallas President Lorie Logan gives opening remarks before hybrid "Energy and the Economy: Meeting Rising Energy Demand" Conference hosted by the Federal Reserve Banks of Dallas and Kansas City
• 1800/1300 Federal Reserve Bank of St. Louis President Alberto Musalem speaks before an Economic Club of Memphis luncheon
• 1830/1330 Federal Reserve Bank of Kansas City President Jeffrey Schmid gives luncheon keynote before hybrid "Energy and the Economy: Meeting Rising Energy Demand" Conference hosted by the Federal Reserve Banks of Dallas and Kansas City

There are just a couple to take note of, as highlighted in bold.

They are both for EUR/USD at the 1.0600 and 1.0650 levels. The former in particular will continue to be a notable one, adding another layer to key support at the figure level for the time being. As such, the expiries are likely to once again keep price action locked in until we get to US trading later at least.

As an aside, just be wary of the larger option expiries at the same level of 1.0600 through the week. And on Friday, EUR/USD also has a very large one pinned at 1.0700. So, just be wary of that in case.

For more information on how to use this data, you may refer to this post here.

The dollar continues to sit in a good spot this week, holding gains ahead of the main event later today. It's all about the US CPI report and markets are likely to remain more tentative up until then. As for the bigger picture, the post-election sentiment continues to play out for the most part and that remains the larger focus.

For now, USD/JPY is one to watch as it closes in on the 155.00 mark currently. That will mark the first time since the end of July that the pair is taking a run at the figure level. Is Tokyo going to step up with their verbal interventions? There's going to be little technical resistance in between this pocket here and 160.00 next.

Besides that, EUR/USD is also in focus as the pair closes in on the April low of 1.0601. Large option expiries are in play for now but it's hard to ignore the stronger dollar post-election. If that breaks, sellers will be eyeing the 1.0500 level next before the October lows from last year seen at 1.0448-51.

European trading will be a bit of a snoozer as such with a lack of headlines. But perhaps we might get some interesting market moves to talk about in the run up to the US CPI report. USD/JPY is now inching just above 155.00 for the first time since end July while EUR/USD is looking heavy near the April low of 1.0601. Those will be two of the more interesting charts in play currently.

Elsewhere, US futures are pointing lower with gold back up slightly just above $2,600 and Bitcoin is down to below $87,000 after briefly brushing up against the $90,000 mark overnight. So, there are some mixed moves in there for the time being.

In terms of data releases, there's just the US MBA mortgage applications at 1200 GMT. With rates having shot higher post-election, that is likely to keep sentiment in a more dour spot after last week's report here.

As for euro area releases, there's nothing on the agenda for today.

The economy ministry notes that in light of the US election result, renewed uncertainty among German households and firms cannot be ruled out. It goes without saying that Trump tariffs on German exports is of course the big risk to watch out for. But indirectly, Trump's tariffs on China will also have some impact on the EU market. If China finds it tough to export goods to the US, they might look to flood the market in Europe instead. That's some other form of risk to be mindful about.

• Headline CPI reading not telling us that underlying inflation dynamics have been vanquished
• Services inflation is pretty sticky
• Energy prices are more likely to go up than down
• Sees more volatility and upward bias to some inflation drivers

Do keep in mind that Mann is arguably the most hawkish member among the BOE policy committee. So, her comments here are not as striking as they might seem to be.

WASHINGTON, D.C. – The National Association of Broadcasters (NAB) today announced the creation of an advisory committee to the NAB Board of Directors that will provide insights and suggestions on diversity, equity and inclusion (DEI) issues. The committee will consist of senior-level broadcasters who are women and people of color, and may include current NAB and NAB Leadership Foundation (NABLF) board members who are committed to advancing DEI issues in broadcasting.

Washington, D.C. -- National Association of Broadcasters President and CEO Gordon H. Smith announced today his plans to transition to an advisory and advocacy role effective Dec. 31, 2021. The organization’s Chief Operating Officer Curtis LeGeyt has been named the next president and CEO of NAB effective Jan. 1, 2022.

WASHINGTON, D.C. – The National Association of Broadcasters has announced the results of the 2021 NAB Radio and Television Board elections. The two-year terms of the elected board members will begin in June 2021.

Washington, D.C. -- NAB Show Premiere will examine the future impact of edge technology on radio and television broadcasters during a session titled “Livin’ on the Edge: Advances in Computing and Networking to Drive Innovation in Broadcasting.” The session, which will air on Wednesday, April 21st at 3 p.m. ET and be available on-demand, will present a new study about opportunities created by wider adoption of edge technologies in the next three to four years.

WASHINGTON, DC -- The National Association of Broadcasters Leadership Foundation announced today the finalists for the 2021 Celebration of Service to America Awards, recognizing outstanding community service by local broadcasters. One winner from each category will be announced during the Celebration of Service to America Awards program.

Washington, D.C. – The National Association of Broadcasters (NAB) is now accepting nominations for the 2021 NAB Marconi Radio Awards and will be accepting submissions until May 31. Established in 1989 and named for inventor and Nobel Prize winner Guglielmo Marconi, the prestigious awards recognize overall excellence and performance in radio.

Washington, D.C. -- Radio and television stations are not adequately compensated for their news content on technology platforms because of an imbalance in market power, according to a new study released today by BIA Advisory Services. The study found that each year broadcasters lose nearly $2 billion in value that they generate for two of the largest technology platforms through publication of their valuable content – particularly local news.

Washington, D.C. -- PILOT, NAB's technology innovation initiative, will be accepting submissions for the PILOT Innovation Challenge through 5 p.m. ET on July 9. The program will provide mentorship and promotion to winning proposals, along with an opportunity to demonstrate their products at NAB Show in Las Vegas, October 9-13, 2021. 

WASHINGTON, D.C. -- In response to the announcement by Rep. Mike Doyle (D-PA-18), chairman of the House Communications and Technology Subcommittee, that he will retire from Congress upon the completion of the current congressional term on January 3, 2023, the following statement can be attributed to NAB President and CEO Gordon Smith:

WASHINGTON, D.C. -- In response to President Joe Biden nominating Jessica Rosenworcel as chairwoman of the Federal Communications Commission and Gigi Sohn as commissioner, the following statement can be attributed to NAB President and CEO Gordon Smith:

Washington, D.C. -- The 2022 NAB Show, April 23–27, will feature distinct destinations focused on three main pillars associated with the content lifecycle. Designated “Create,” “Connect” and “Capitalize,” and situated throughout the North Hall, Central Hall and new West Hall of the Las Vegas Convention Center, each area offers renewed opportunities for learning, discovery and engagement.

Washington, D.C. – Leadership changes were announced today for two key working groups of the National Radio Systems Committee (NRSC), a technical standards-setting body co-sponsored by National Association of Broadcasters (NAB) and the Consumer Technology Association (CTA). 

WASHINGTON, D.C. -- In response to the nomination of Gigi Sohn as a commissioner on the Federal Communications Commission (FCC), the following statement can be attributed to National Association of Broadcasters (NAB) President and CEO Gordon Smith: