U.S consumer price inflation likely to have risen in June

U.S. consumer price inflation data for the month of June is set to be released tomorrow. According to a TD Economics research report, the headline consumer price inflation is likely to have reached 2.9 percent on a year-on-year basis, with prices rising 0.3 percent sequentially.

The core rate is expected to have risen 2.3 percent on a 0.2 percent sequential rise. Steel and aluminium tariffs are not expected to create a significant lift to goods categories but risks are generally skewed to the upside on the back of stronger imported consumer goods prices. In the meantime, a recovery in shelter costs is expected to support core services, added TD Economics.

At 19:00 GMT the FxWirePro's Hourly Strength Index of US Dollar was bullish at 88.4502. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex