The U.S. Bureau of Labor Statistics reported June CPI -0.4% MoM and +3.5% YoY,
both below consensus. The softer prints eased pressure on the Fed to hike this
month and trimmed near-term rate-hike odds. Corpay Chief Market Strategist Karl
Schamotta said traders pared bets on a July Fed move and the dollar extended
losses overnight, with commodity currencies and other rate-sensitive FX broadly
weaker.
