“The May CPI print disappointed modestly to the downside on the back of a softer increase in core inflation,” TD Securities analysts said assessing today’s data from the U.S.
“However, key services components suggest underlying prices remain firm. We believe details in the report should bring relief to Fed officials as some of the factors mentioned as transitory appear to be less of a drag in prices.”
“FX: The USD is little bothered on a broad basis ahead of next week’s Fed decision. Until then, there will be little appetite to break notable range barriers, particularly in EURUSD between 1.1265/80 and 1.1365.”