A soft print could reduce September hike odds, steepen the US yield curve and weaken the Dollar, especially versus procyclical currencies, while DXY’s 99.40–100.00 range is in focus. Fed expectations hinge on CPI data"Friday's soft US jobs data did not weigh heavily on the dollar. Driving the softer numbers are expected to be lower gasoline prices, broadening signs of rental deflation and soft wages." 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."