The just-released and highly anticipated June U.S. consumer price index saw a rise of 3.0%, year-on-year. June CPI was seen coming in at up 3.1% and compares to the May report reading of up 3.3%. The “core” CPI (excluding food and energy) was up 3.3%, annually and compares to forecasts for up 3.4% and compares to up 3.4% seen in the May report. The U.S. producer price index report for June is out on Friday morning.

A few analysts are even thinking the Fed could cut U.S. interest rates at 

its next FOMC meeting on July 30-31.