Dollar dumps as US import prices drop the most in 7 months

There's no imported inflation coming in to the US anytime soon

The data wheel spins and this time it stops on prices

Petroleum prices crapped out 14.2% in August from -5.9% in July and are down 49.6% against last year. Industrial supplies fell 7.2% vs -3.2% prior and are -32.3% y/y

The low price problem is seen in exports also with drops across the board

It's one snapshot of inflation from an international and domestic view and not one that says the Fed is going to get any help getting CPI back to target

The dollar has taken that as a dovish signal for the Fed and USDJPY has fallen to 120.60 from just under 121.00

We've ticked off the ECB and BOE on the major CB list and only have the BOJ to come before the FOMC