US INFLATION REPORT TO KEEP DOLLAR BID – ING
The highlight of today's session will be the August US CPI release. Economists at ING expect inflation figures to keep the Dollar firm.
Sticky US inflation to keep Dollar bid
Higher gasoline prices and base effects are expected to push August CPI up to 3.6% YoY, and on a core and month-on-month basis, we also see an upside risk to the 0.2% MoM consensus estimate – clearly not enough to feed a bearish Dollar narrative.
We are bearish on the Dollar from the fourth quarter of this year, but this bearish narrative requires a few more weeks of patience.
We favour DXY edging back to the top of its 104.50-105.00 range today.
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