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Sep 12 - 10:55 AM

USD: A 2nd Consecutive Weaker Than Expected CPI Print On Tues Could Trigger A Deeper USD Correction - MUFG

By eFXdata  —  Sep 12 - 09:33 AM

MUFG Research discusses the USD outlook around tomorrow's US CPI print for the month of August (see BofA's preview here)

"The hawkish repricing of European central bank rate hike expectations is helping to narrow policy divergence with the Fed and offering more support for regional currencies against the US dollar, although we are not connived that it will prove sufficient on its own to trigger a more sustained reversal lower for the US dollar," MUFG adds.

"The US rate market is still confident that the Fed will continue to front-load policy tightening through the remainder of this year by delivering a third consecutive 75bps hike on 21 st September. The release tomorrow of the US CPI report for August will pose the main challenge to that view. A second consecutive weaker than expected US CPI report could trigger a deeper correction lower for the US dollar in the week ahead," MUFG adds. 

MUFG Research/Market Commentary


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