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MACRO VIEW COLUMNS: Despite Rising Inflation, Fed Dot Plot Needs to Fall

(Bloomberg) — August’s better-than-expected U.S. inflation reading might have Fed-policy hawks flapping their wings. But there are still reasons why the Fed should lower its dot plot next week, eroding the dollar. U.S. headline inflation in August rose to 1.9 percent year-over- year, against the expected 1.8%. Even core CPI …

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THE EUROPE FX/RATES DAYBOOK: FX/RATES DAYBOOK EUROPE: Yen Erases Most Missile-Driven Gains

(Bloomberg) — The yen erased almost all its early gains spurred by North Korea’s missile launch over Japan as traders refocus on the stronger-than-expected U.S. inflation data. TODAY ECB’s Nouy, Lautenschlaeger speak U.S. retail sales data UN Security Council to hold closed-door meeting 3pm ET Friday on North Korea/non-proliferation OVERNIGHT …

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FX/RATES DAYBOOK ASIA: USD Falls as Pound Surges; Curve Flattens

(Bloomberg) — Stronger-than-expected inflation data combined with renewed North Korea tensions whipsawed the dollar and Treasuries. A post-BOE surge by the pound and Nikkei’s report that North Korea is showing signs of preparing a missile launch helped break the dollar’s three-day winning streak. Long-end Treasuries outperformed in a flight-to-quality bid. …

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MACRO VIEW COLUMNS: Sterling Is Looking Vulnerable Into Cautious BOE

(Bloomberg) — Sterling initially rallied in the wake of higher-than-expected August inflation data, but it’s now looking particularly vulnerable to a central bank that’s likely to “see through the data.” Headline CPI in August rose 2.9% year-over-year, beating both the median forecast of 2.8% and the BOE’s projection of around …

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