Analysts at MUFG say that it will be important that the data remain consistent with slowing inflation to support current Federal Reserve interest rate cut expectations.

What arguing that one month of stronger inflation data in August would not stop the Fed from cutting rates next week, they say that such a result would cast further doubt on the aggressive scale of easing currently priced in. This, in turn, poses upside risks for the US dollar.

US CPI data is due today, Wednesday, September 11, 2024:

Data is due at 0830 US Eastern time: