From Marc Chandler at Bannockburn Global Forex:
Overview: The dollar is mostly softer today, but largely within the recent ranges, as the market appears to be waiting for tomorrow's US CPI. There are a few exceptions to note. The yen is trading near its recent lows. A less hawkish Reserve Bank of New Zealand has triggered a sell-off of the local dollar. Softer than expected Norwegian inflation has knocked the krone lower. Most emerging market currencies are firmer, with several Asia Pacific currencies bucking the move, including the Chinese yuan and the South Korean and Taiwanese dollars. The Mexican peso leads the advance with a 0.6% gain, and it is trading at its best level in a little more than a month.
Global equities are mostly firmer following another record high in the US S&P 500 and NASDAQ. Both of which are trading firmer in the future market. Asia Pacific markets were mixed, but Tokyo, Taipei, and Seoul traded higher. Europe's Stoxx 600 is snapping a three-day slide with a 0.5% gain. European 10-year bond yields are mostly off 4-8 bp points today and France's bond is off nearly seven basis points, erasing yesterday's increase and the premium over German is narrowing by a few basis points. Ahead of the US sale of $39 bln 10-year notes today, the yield is slightly softer near 4.28%. Gold held support near $2350 yesterday and is firmer above $2370 in Europe. September WTI initially slipped below $80 after settling soft yesterday but has recover to near $81....
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