Squawk / 22 July 2014 at 12:38 GMT
Head of Macro Strategy / Saxo Bank
Denmark
US inflation as expected in June, but core inflation weaker:

... With the FOMC bound to announce another reduction in QE3 purchases next Wednesday, July 30, eyes were on today's report on US consumer prices. This showed, that prices climbed 0.3% m/m last month as expected for an unchanged 2.1% annual change. Core prices, however, rose slightly less than expected at 0.1% m/m implying an annual change in core prices of 1.9% vs. 2% expected and prior.

Among the drivers of the 0.3% monthly increase in consumer prices were energy (1.6% m/m), energy commodities in particular (3%), while food only gained 0.1% following 0.5% in May.

EURUSD is down around 60 pips for the day though most of the move took place before the CPI report.

Next up we have FHFA house price index at 13:00 GMT followed by Richmond Fed manufacturing index and existing home sales at 14:00.

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