USD: Dollar bears are hoping CPI will deliverFriday’s soft US jobs data did not weigh heavily on the dollar. These would see the year-on-year rates drop to 3.4% and 2.5% respectively – inching closer to the Fed’s 2% inflation target. And a bullish steepening of the yield curve should see the dollar soften – particularly against the procyclical currencies. For today, let’s see whether a soft CPI print can break DXY to the downside from its 99.40-100.00 trading range. Frantisek TaborskyBRL: Politics finally landsIn an otherwise supportive market for FX carry trades, the Brazilian real was a notable under-performer yesterday.