USD consolidates ahead of key data releases; volatility expected across majors
The US dollar entered a consolidation phase across major pairs, with DXY holding steady near 106.50 as markets await crucial economic data. This week's calendar features US Non-Farm Payrolls on Friday and CPI data, which could trigger sharp moves in currency markets. EUR/USD trades in a tight 1.0480-1.0520 range, with the ECB expected to maintain rates at Thursday's meeting. GBP/USD hovers around 1.2650, awaiting UK inflation and retail sales data that could influence Bank of England policy expectations. USD/JPY remains under pressure at 151.30 amid rising BoJ rate hike speculation, while USD/CHF tests support at 0.8850. Technical analysis suggests major pairs are coiling for breakout moves, with implied volatility rising ahead of the data-heavy week. Traders should prepare for potential range expansion as central bank divergence themes dominate market sentiment.
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