With yesterday being a US holiday, trade was mostly thin. Overnight, there was short covering of the EUR, and it is trading once again above 1.33 levels. Pound is looking strong, and my bullish views of the pounds have been reconfirmed. Today CPI release from UK is expected to be higher than forecast figure which will give ammunition to the BOE hawks and call for a rate rise.
Elsewhere, CAD interest rate decision today, with CAD trading an all time high (USD/CAD at 98.57), I favour a sell on CAD at these levels.
Also out is German ZEW economic sentiment that determines the sentiment of German institutional investors. ZEW is a leading indicator and a strong reading can lead to further short covering in the EUR from yesterday's levels.
Also out is TIC (Treasury International Capital) - data , where a higher number (USD positive) is expected.
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