Today is a fairly big day as big days go as markets await the release of US March CPI. There appears to have been only cautious position taking ahead of the figure which indicates a lack of strong opinions as to how it will show. The February figure had come in higher than many analysts had expected which in turn cooled expectations for an early end to the Fed’s ongoing tightening cycle and now traders and investors alike will be on tenterhooks to see whether or not the decline in inflation – we’re looking at core, rather than headline – will resume the downward trajectory.