Today, the majority of G10 currencies are experiencing subdued trading within narrow ranges. Following a national CPI reading that showed a slight firming, albeit moderated, and a decline in US yields, the Japanese yen emerges as the strongest among major currencies.
Profit-taking observed yesterday has given way to advances in most large Asia Pacific equity markets today. Europe's Stoxx 600 has stabilized after yesterday's decline of about 0.35%, its largest in nearly a fortnight. US index futures show a steady to slightly firmer outlook.
Gold maintains its firmness, though it remains within the range of last Friday's trading. April WTI rebounded from a six-day low near $75.85 to $78.00 yesterday and trades quietly today.

Asia Pacific
The moderation of Japan's January CPI was anticipated following the Tokyo report released late last month, indicating headline and core rates falling below 2%.
The Reserve Bank of New Zealand is scheduled to meet tomorrow, with Governor Orr exhibiting one of the most hawkish stances among G10 central banks.

Yesterday's rise in US yields assisted the greenback in nearing its high for the year, set after the US CPI release on February 13, reaching close to JPY150.90.
The Australian dollar also recovered to nearly $0.6560, encountering selling pressure in early European trading.

Europe
The euro reached its low for the year on February 14, the day after the US January CPI release, but has since climbed in eight of nine sessions through yesterday. Last week, it approached near $1.0890. Today marks the fourth consecutive session where the euro has not dipped below $1.08.

Sterling is trading within yesterday's range, with a potential move above $1.2710 facing resistance around $1.2750. The 2024 high was established on January 12 near $1.2785.

America
The US economy saw expansion of 4.9% in Q3 2023 and 3.3% in Q4 2023. Attention now focuses on the pace and extent of economic moderation. Among 71 surveyed economists by Bloomberg, only three foresee Q1 2024 growth at 2.5% or above.
The Atlanta Fed GDP tracker will be updated later today, and 11 Fed officials are scheduled to speak this week.

The US dollar continues its tenth consecutive session trading within the CAD1.3440-CAD1.3585 range established on February 13.