Eurozone’s aggregate headline inflation is seen decelerating from 2.9% to 2.7%, with the core rate moving from 3.9% to 4.2%. The implications for the Euro would probably be material only if the figures come in surprisingly higher than expected.

Lower inflation is hardly ever good for a currency and may keep the Euro's upside room capped today, even though data from the US could cause large swings in EUR/USD regardless. 

We still favour a return to sub-1.0900 as opposed to a sustainable rally beyond 1.1000.