US Dollar, EUR/USD, GBP/USD, USD/CAD Talking Points:
- The US Dollar will likely remain in the spotlight for the early portion of this week as CPI numbers from the month of July are due to be released tomorrow morning at 8:30 AM ET. 
- Last month saw Core CPI remain above the Fed’s 2% target, complicating the bank’s move towards a larger dovish shift in policy. The expectation for tomorrow is for another 2.1% print on Core CPI to go along with a 1.7% expectation for headline CPI.
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US Dollar in Focus Ahead of CPI Release
Tomorrow morning brings the release of CPI numbers from the month of July and this is the first release of that data since the rather surprising print at 2.1% for core CPI last month. This complicated the Fed’s rate cut plans with core inflation remaining above target and was likely at least part of the reason the FOMC hesitated to adopt a more aggressive dovish stance. The big question around tomorrow – where will CPI come in? The expectation is for another 2.1% print for Core CPI to go along with an expectation for 1.7% on headline CPI. But, if this prints under expectations recent themes of USD-weakness could get considerable focus, and this could put even more attention