This morning, the Japanese yen is in demand, pushing the yen pairs lower. Japanese GDP came in slightly below estimates last night, but it still marked the longest run of unbroken expansion since 2001. The AUD/JPY is the biggest mover, down 0.89%, with other yen pairs in the red.
The Australian dollar is struggling after the wage price index came in below estimates this morning. The AUD/USD is down 0.58%, with the NZD/USD set for its fifth losing day in a row.
The euro performed well yesterday after in-line growth data and a bullish assessment from ECB president Mario Draghi. The EUR/USD shot higher yesterday, with the EUR/GBP rallying.
The pound continues to underperform as Brexit uncertainty continues.
Coming up today, we have UK average earnings at 09.30, released alongside claimant count change and the unemployment change.
At 13.00, MPC member Broadbent speaks.
US inflation data is released at 13.00, with CPI, retail sales and the empire state manufacturing index.
At 15.30, we get US crude oil inventories
The Australian dollar has continued its losing run this morning, with the AUD/USD testing the July lows.
With the US dollar maintaining its position and the Aussie looking wobbly, there could be further downside from here.