Forex markets pause as Fed's Goolsbee speech awaited at 17:00 GMT

Currency markets are experiencing subdued volatility today with major pairs trading in tight ranges following yesterday's US CPI-driven moves. The dollar index remains defensive near 102.50 after losing 0.4% yesterday when traders fully priced in a 25 basis point Fed rate cut for September. Today's economic calendar is notably light, featuring only Spain's final CPI revision and US MBA Mortgage Applications data, neither expected to impact market positioning. The main focus shifts to Fed Governor Goolsbee's speech at 17:00 GMT/13:00 ET. As a voting FOMC member with neutral-to-dovish leanings, his comments on inflation trajectory and monetary policy could provide fresh directional cues. Technical analysis shows EUR/USD consolidating above 1.0950, while USD/JPY holds support at 147.50. Traders should watch for any hints about the Fed's comfort with current market pricing for September's meeting.