According to our experts, the data will suggest that the Fed rate has peaked. That means the US Dollar should not be able to benefit from the data as the publication will not call the rate pause in September into question while at the same time cementing the view that there will be no further step in November either.

Perhaps the market will be quite happy that it can stay in the summer ranges for now, rather than having to trade backward and forwards manically because of the inflation data. Of course, the data might cause the odd pip here or there, above all if the data were to deviate significantly from the expectations, but I think everyone is quite happy with EUR/USD levels around 1.10.