US consumer inflation data is scheduled for release later in the session. Heading into the event, expectations are for the headline consumer price index to have stayed flat while the core CPI is forecast to remain just above deflationary territory at 0.10%. Nevertheless, there remains potential for substantial downside risks on a miss to estimates which could see the US dollar start to drift lower as the futures markets continue to scale back the probability of a Fed rate hike increase at its two-day meeting starting today. Although the Federal Reserve follows PCE or personal consumption expenditure to track inflation, CPI readings carry similar weight. In particular, the focus will be on the annual core CPI which is currently tracking at 1.80%. Current estimates are projecting annualized CPI inflation to have risen to 1.90%.