The entire start of the week served as a placeholder to the US CPI data release and well, at least the main event delivered. There were some sizable moves in markets yesterday but things have calmed down considerably so far today. The narrow ranges among dollar pairs exemplifies the inaction for the time being:

I would expect things to pick up in the sessions ahead and certainly before we get to the weekend but best be mindful that it is early days to label this an inflection point on the inflation front and with regards to the Fed outlook. However, at least markets are able to lean more towards a 50 bps rate hike for now but that is not to say that the door is shut on a 75 bps rate hike in September.