CPI from the UK and US the main events for the day

A busy morning for the Euro so far, with the Flash PMI for France coming slightly off the expectations but still better than last. The German Flash PMI has come in strong and given the Euro a push up towards the 1.10 level, which is where we were heading towards after the FOMC last week.

The UK CPI is expected to be released today at an expected 0.1% from the last of 0.3%, which is what the BOE have been warning of due to the collapse of oil earlier this year. Nonetheless the GBP will be volatile as this is a big factor in the rate rise decision so any lower could cause problems for the pound.

In the US, the CPI data is also set to be released with a gain of 0.2% expected from -0.7% and the core CPI to fall from 0.2% to 0.1%, which may put the USD back on track from the FOMC sell-off last week.

EUR/USD
Supports 1.0820-1.0690-1.0610 | Resistance 1.1020-1.1100-1.1230

USD/JPY
Supports 119.50-119.20-118.90 | Resistance 120.10-120.40-120.70

GBP/USD
Supports 1.4860-1.4775-1.4710 | Resistance 1.5015-1.5080-1.5170

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