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Even though central banks’ meetings took centre stage yesterday, investors were also keeping an eye on key economic data from the US. The August inflation report was released yesterday and came in slightly below market expectations. Headline inflation eased to 2.7%y/y versus forecast of 2.8% and 2.9% in the previous month. The surprise came from the core measure as inflation excluding food and energy components printed at 2.2%y/y versus 2.4% expected (and previous month read).

The market reaction was quite strong; especially as investors didn’t pay much attention to economic data lately and rather focus on the US-China trade conflict. EUR/USD jumped 0.75% to 1.17, the highest level since August 27, and continued to grind higher on Friday morning. Similarly, the dollar index fell further as it returned to 94.40, down more than 1% on the week.

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