The US dollar had a quiet day as traders hesitated to take large positions with a Fed special closed meeting scheduled. No major announcements had been made, although Yellen has also had a meeting with President Obama and VP Biden to discuss the state of the economy. Only the US import prices report is due today and a 1.0% rebound is eyed.

The euro gave up ground to most of its rivals but continued to consolidate around 1.1400 against the dollar. Italian industrial production data came in better than expected with a 0.6% decline versus the estimated 0.8% drop. German wholesale prices and final CPI readings are due today.

The pound was able to score some gains yesterday as traders probably booked profits off their recent short trades ahead of the UK CPI release today. Headline inflation could hold steady at 0.3% while core inflation could advance from 1.3% to 1.4%. Underlying inflation data such as PPI and RPI could also post improvements.

The franc tossed and turned in the charts, as the lack of catalysts and concerns about potential SNB intervention kept its moves limited. There were no reports out of Switzerland yesterday and none are due today.

The yen returned some of its recent wins as traders continued to be wary of potential BOJ intervention. There have been no major reports out of the Japanese economy lately and risk appetite has favored the higher-yielding currencies so far.

Commodity Currencies (AUD, NZD, CAD)
The comdolls were able to rally in recent session after crude oil carried on with its climb. In Australia, the NAB business confidence index rose from 3 to 6 to indicate increased optimism. There are no other reports due from the comdoll economies today, keeping risk sentiment in play.

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