The dollar bulls are showing some angst ahead of CPI.
Generally that reveals the bias in the market or which side is more crowded. US dollar bulls may be covering on fears of a softer number or at least enough softer details to show that broad prices are coming down.
Combine that with Powell’s bias to be dovish at the FOMC and you have an appetite for risk trades.
That said, the vast majority of the market will wait and see how the data and decision unfold.
This article was written by Adam Button at www.forexlive.com.
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