USD-
Today's US CPI reading is why it is always important to understand the context within which we exist. Usually a major release, CPI data has been essentially relegated to the second tier of releases as the Fed has become ever more deaf to the serious upside risks posed to the CPI figure.
Above shows US inflation data on a 1 year basis, with that increase in price pressures following May originally promoting a very hawkish reaction from the Fed, which has now cleaved to Powell being confident of two more rate cuts this year. So even if CPI comes in over expectations, its unlikely the Fed will pivot, if it comes in softer, an even bigger chance of a 0.50% cut will be priced in, softening USD further.
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