US: January CPI: Weak energy, steady core - TD Securities

"The January CPI report was a touch softer in the flat monthly headline print while core printed a strong 0.2% m/m gain," note TD Securities analysts.

Key quotes

"Overall, base effects and dropping oil prices pulled annual headline inflation to a 19-month low of 1.6%, while core held steady at 2.2% y/y. The Fed remains patient, and today's report should keep them on track for an additional hike or two this year."

"FX: The FX market continues to stick to pre-existing ranges, with the USD a touch stronger the on data. Focus remains on geopolitics and risk appetite, though, given the scope for a US/China trade truce and discussions around Brexit."