US dollar has second thoughts after CPI report. What’s next

US dollar now lower
USD/JPY rose as high as 111.04 on the CPI data but it’s dropped back just below 110.50 for two reasons:
– There are some caveats in the CPI report, especially gas prices. Harvey may have led to other skews as well, perhaps shelter.
Ultimately, I think the US dollar will recapture the bid.