The U.S. dollar is starting the new trading day with broad-based gains, rising against every major currency. The biggest move is against the New Zealand dollar, with the NZDUSD down 0.89% to 0.5799. The Australian dollar is the next weakest performer, falling 0.35%, followed by the Canadian dollar (-0.30%), Swiss franc (-0.27%), British pound (-0.22%), Japanese yen (-0.12%), and euro (-0.12%).The New Zealand dollar's underperformance comes after last week's hawkish shift from the Reserve Bank of New Zealand. Although the RBNZ raised its Official Cash Rate by 25 basis points to 2.50% and signaled that further tightening may be needed, the kiwi had rallied sharply in response, leaving it vulnerable to profit-taking at the start of the new week. Today's move also reflects a modest shift back toward the U.S. dollar as traders position ahead of a busy U.S. calendar. The June CPI report is due later today, followed by Fed Chair Kevin Warsh's testimony before Congress - two BIG events. Those events have the potential to reshape expectations for Fed policy and are encouraging traders to trim risk positions and favor the currencies (are they looking for a tamer CPI reading?) ahead of the releases. Looking at the expectations for the CPI:Headline CPI MoM: 0.2% expected vs. -0.1% last.Headline CPI YoY: 4.2% expected vs. 3.8% last.Core CPI MoM: 0.2% expected vs. 0.2% last.Core CPI YoY: 2.9% expected vs. 2.8% last.Ahead of the CPI yesterday, Fed's Waller (Monday) said:Another firm core inflation reading would reinforce the case for keeping policy restrictive and could be enough to support another rate hike, while it would take several months of softer inflation data before he would consider shifting to a more dovish stance.Will Fed's Warsh express the same explicit review given the CPI data today when he testifies? The prepared text for Chair Warsh's testimony MAY be released as the CPI data is released. Overall, the early price action has a defensive tone. The commodity-linked currencies are leading the declines, while the traditional funding currencies—the euro and yen—are holding up somewhat better. Unless the inflation data surprise significantly, traders are likely to remain cautious, with positioning rather than conviction driving the FX market into the North American session.US stocks are mixed with the Dow down while the Nasdaq is higher. A snapshot of the indices shows projected opening levels as per the futures :Dow industrial average -334 points S&P index -12.59 pointsNASDAQ index 156 points The Dow is being influenced by IBM whose shares are down by -22.82% in premarket trading after missing on EPS and Revenues. Goldman Sachs and J.P. Morgan are in the Dow industrial average as well. J.P. Morgan is down despite beating on the top and bottom line, but Goldman Sachs shares are trading higher:JPMorgan (JPM):BEAT — EPS $7.70 vs. $5.58 est. (Beat); Revenue $57.3B vs. $51.06B est. (Beat). Share are down -2.33% in premarket trading.Bank of America (BAC):BEAT — EPS $1.21 vs. $1.13 est. (Beat); Revenue $31.6B vs. $30.73B est. (Beat). Shares are down -0.67% in premarket tradingGoldman Sachs (GS):BEAT — EPS $20.98 vs. $14.47 est. (Beat); Revenue $20.34B vs. $16.20B est. (Beat). Shares are up 1.35% in premarket tradingWells Fargo (WFC):BEAT — EPS $2.00 vs. $1.72 est. (Beat); Revenue $22.6B vs. $21.87B est. (Beat); FY guidance affirmed. Shares are down -121% premarket tradingIBM (IBM):MISSED — Adj. EPS $2.27 vs. $3.02 est. (Miss); Revenue $17.2B vs. $17.9B est. (Miss). Share are down -22.82% in premarket tradingLooking at the US yields ahead of CPI inflation data and Chair Warsh's testimony they are marginally higher:2 year yield 4.264%, +0.4 basis points5 year yield 4.363%, +0.2 basis points 10 year yield 4.613%, +0.4 basis points. 30 year yield 5.103%, +0.5 basis pointsIn other markets:Crude oil is trading up $1.47 at $79.65. It's high price extended to $81.27 the highest level since June 15. Gold is up $27.50 at $4028. The price reached a low of $3983.73. Silver is up $0.44 at $58.06Bitcoin is up $671 at $62,826 This article was written by fl932d6e52a19643278e0f123bca7198f5 at investinglive.com.