Aside from a slightly positive move for the dollar, there is little real direction on forex markets as traders seem to be sitting on their hands ahead of the announcement of US consumer inflation (CPI) today. Broadly speaking, there has been a lack of decisive direction across recent sessions and perhaps US CPI can be the catalyst for a move. Ever since the January employment data saw a jump in Average Hourly Earnings, inflation has been a key theme for traders. Expectations are running higher (at least on the 5 year breakevens) but will the hard data catch up? Friday’s February hourly earnings suggest this may be a ... (full story)