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US CPI In Focus

The US dollar has had a subdued start to the day on Tuesday. The USD index is continuing to stagnate below the 97.68 level. Looking ahead to today, however, there is the potential for volatility with the July CPI print due over today’s US session. A weak reading could cause a sharp move lower in USD. This may boost expectations of further easing from the Fed, while a better print could see price back above the 97.68 level.

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EUR Rallies on USD Weakness

EURUSD has been a little higher over the session so far on Tuesday, benefiting from USD weakness. Price is once again looking to test the 1.1217 level which capped upside all of last week. Political events in Italy could impact EUR in the short term with the Italian government due to a Vote of no Confidence which has been called, the date of which will be set later today. This could result in a technocratic government being put in place, or snap elections if the vote i...

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