The USD continues to struggle, failing to find its feet, despite the Fed hawks coming out in force yesterday, alongside Powell reiterating much of what we have seen priced in over the past week. Among the more notable comments had come from Bostic, who is the first Fed speaker to put a number on the size of the balance sheet runoff. The Atlanta President stated that the balance sheet should decline at least $100bln/month.
3bln/monthMoving on, the main event of today will be the latest US CPI report, where expectations are for the headline to rise 0.2ppts to 7.0%, while the core figure is seen up 0.5ppts to 5.4%. That being said, with the USD failing to rise in light of markets pricing in a more aggressive tightening path, going from 3 to 3.5 hikes this year, it does seem that traders are biased to sell the USD with much of the good news already reflected in the price.
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