Credit Agricole CIB Research previews the US August CPI report due on Friday.

"We expect US headline CPI to come out at 3.39% YoY in August, almost unchanged from the 3.36% YoY recorded in July. Our take is in line with the Bloomberg average consensus and what the market prices in (also 3.39%)," CACIB notes.

"We expect core at 0.24% MoM SA, marginally stronger than the 0.22% recorded in July. Our take is 2bp above the 0.22% MoM SA Bloomberg average consensus...The 3M ma annualised core would come out at 1.73% in August, following 1.63% in July and 2.27% in June, but we emphasise that this level is currently abnormally low because of the -0.02% MoM recorded in June," CACIB adds.