Market In 'Sleep Mode', Wait To Be Shocked By CPI

<p>&nbsp;The US dollar traded higher in the European session after recovering from its biggest daily drop since July on Monday.</p><p><br /></p><p>Against most major currencies, the dollar index, which measures the strength of the greenback, is trading at around 104.80.</p><p><br /></p><p>Despite that, the market remains moving without direction ahead of the release of US consumer inflation data tomorrow night (Wednesday).</p><p><br /></p><p>Today's European session was focused on UK employment data which showed signs of easing in the labor market but wage growth remained up in July.</p><p><br /></p><p>As a result, the pound slipped below the 1.2500 level against the greenback, bringing it back to a three-month low.</p><p><br /></p><p><br /></p><p>Meanwhile, the euro also recorded a decline despite better-than-expected German economic sentiment data from the ZEW survey published in September.</p><p><br /></p><p>Following Asian currencies, the Aussie and New Zealand dollars remained flat despite gains in Asian stock markets.</p><p><br /></p><p>Chinese property giant Country Garden has received approval from its creditors to extend the repayment of six domestic bonds over three years.</p><p><br /></p><p>Meanwhile, the yen pared its gains made on Monday, seeing it trade at around 146.80 against the US dollar.</p><p><br /></p><p>The Canadian dollar was flat around its two-week high, still supported by stronger jobs data and higher crude oil trading.</p>