FUNDAMENTAL OVERVIEW USD: The US dollar has been consolidating against most major currencies since Monday. The US CPI report yesterday came mostly in line with expectations and helped alleviate some of the most hawkish fears. The market pricing hasn’t changed though as traders continue to price in 24 bps of tightening by year-end, down very slightly from 25 bps seen before the CPI release. As mentioned previously, we can now expect the Fed to drop the easing bias at the upcoming meeting, but the