The dollar is mostly softer today, staying within recent ranges as the market awaits tomorrow's US CPI report. A few exceptions stand out. The yen is trading near recent lows. A less hawkish stance from the Reserve Bank of New Zealand has led to a sell-off of the local dollar. Softer-than-expected Norwegian inflation has pushed the krone lower. Global equities are mostly stronger, buoyed by another record high in the US S&P 500 and NASDAQ. Gold held support near $2350 yesterday and is firmer above $2370 in Europe. September WTI initially dipped below $80 after settling lower yesterday but has recovered to near $81.

Asia Pacific Markets
The highlight was China's June CPI and PPI. Deflationary pressures in producer prices continue to ease. The PPI has been trending out of negative territory since last June when it hit -5.4%.
The dollar has recouped last week's losses against the yen, reaching JPY161.60, just shy of last week's high of slightly below JPY162.00.
The Australian dollar continues to consolidate after breaking above $0.6700 mid-last week.

European Markets
The challenging task of forming a new French government has begun in fits and starts, with President Macron departing for the NATO summit today.
Monday's outside day was followed by an inside day yesterday for the euro, which is trading firmly but remains consolidated above $1.08.

American Markets
Chair Powell did not introduce new insights in his testimony before the Senate Banking Committee. He acknowledged that the labor market has cooled but remains strong. He noted modest progress on inflation but emphasized the Fed's desire to see more improvement.
The US dollar continues to trade within last Friday's range against the Canadian dollar (~CAD1.3600-CAD1.3650).