Euro has a big day ahead with a monetary policy announcement and U.S. inflation report on the calendar. Between these two events, the European Central Bank meeting is generally more market moving but the U.S. dollar shot higher at the equity open, recovering earlier losses ahead of CPI release. There’s little doubt that inflation is on the rise but the Federal Reserve has made it very clear that they see this increase as temporary. With retail sales and non-farm payrolls falling short of expectations, effectively justifying the central bank’s caution, a strong inflation report won’t increase the chance of taper talk ... (full story)