US dollar drops as inflation cools ...Middle East

USD/JPY is down a full cent on the heels of the CPI report in response to a downside surprise in the May inflation reading.It's part of a broad wave of US dollar selling across the board and a strong bid in bonds, led by the front end. The Fed funds market is now pricing in 50 basis points of easing by year-end with a first cut 80% likely in September.The lower CPI reading was led by a number of components and auto insurance finally stopped rising. Core services ex-shelter fell slightly on the month as well.One sources of ongoing strength continues to be housing, which rose 0.4% m/m but market rates are lower and that may ultimately give the FOMC more confidence that prices will continue to

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