On the day, you should keep the following in mind: bold.
AUD/USD will likely be the more important pair, at least for the coming sessions, as it sits between 0.6615 and 0.6630, which should keep price movement contained until a major event occurs later today.
The US CPI report will be the first major hurdle for the market and depending on how prices move the subsequent reaction could impact other expiries, but in any case it will be a more important factor than today’s expiry.
If the dollar reacts negatively to the report, offers in EUR/USD (1.0800), GBP/USD (1.2795) and NZD/USD (0.6200) could trade around their respective numbers levels. But again, the market reaction to the inflation numbers will be the first and more important clue. Only then can we talk about whether expiry dates, technicals and offers could limit the reaction in this scenario.
For more information on how we use this data, see this post.
