A look at the day ahead in European and global markets from Wayne Cole
for June surprised on the downside, with consumer prices slipping 0.2% on the month to leave annual CPI dead flat. Producer prices fell 5.4% on the year, the sharpest decline since late 2015.
Headline U.S. inflation is forecast at 3.1%, a remarkable turnaround from 9.1% a year earlier even if core measures are proving stickier. That would be welcome news for the Treasury market after its recent drubbing. One side effect of the surge in bond yields has been a shake-out of carry trades in the forex market. Every investor and their mum has borrowed cheaply in yen to invest in high yielders, with the Mexican peso likely the most crowded of all the trades.
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