Futures are moderately higher on the eve of the CPI print that will likely determine the rate cut picture for the next few months.

continued for members…

Note much of a change from yesterday’s open where we saw supportive VIX and currency pairs despite strength in CL/RB. Currencies are a broken record, with EURUSD and USDJPY both threatening breakouts should equities start to break down.

CL and RB are overbought, but the situations in the Middle East and in Ukraine argue against a decline in inflation or interest rates.

stay tuned…