US Dollar Coiling, USD/JPY Eyes Resistance Heading into US CPI

The US dollar is holding within a tight range ahead of today’s US CPI report, as traders assess whether elevated oil prices linked to the Iran conflict continue to fuel inflationary pressures. While the broader bearish USD thesis remains intact for now, USD/JPY is rebounding towards key resistance near 158 following suspected intervention from Japan’s Ministry of Finance. The US dollar is trading within a narrow range heading into today’s US CPI report, which is attracting plenty of attention as traders assess how much the conflict in Iran — and the resulting surge in oil prices — continue to influence ...