Kickstart the NA trading day with a technical look at the EURUSD, USDJPY and GBPUSD. What levels are key.

Ahead of the North American trading session, the US dollar traded higher across major currency pairs, supported by rising Treasury yields in anticipation of key inflation releases, including the August Producer Price Index (PPI) and subsequent CPI data. The PPI is forecast to climb 0.4% month-over-month, bringing the annual headline rate to 5.3%, while core PPI is expected to advance 0.3% to 4.6% year-over-year. These figures will play a crucial role in shaping Federal Reserve policy expectations ahead of its upcoming interest rate decision. Concurrently, the EUR/USD pair softened modestly as markets positioned for the European Central Bank (ECB) rate decision, where policymakers are projected to raise the refinancing rate by 25 basis points from 2.40% to 2.65% and the deposit rate to 2.50%. Cross-asset market sentiment remains cautious, with US stock index futures showing mixed performance following three consecutive sessions of declines. Meanwhile, crude oil prices remain elevated amid escalating geopolitical tensions in the Middle East, maintaining upward pressure on inflation metrics and keeping traders attentive to key technical levels across major currency pairs.