Traders await 8:30am ET July CPI;...>

US DATA PREVIEW: Traders await 8:30am ET July CPI; the MNI economist poll has a

0.2% reading for both overall CPI and for core CPI.

- Many banks also expect 0.2%/0.2%, such as Amherst Pierpont, UBS, RBC, Goldman

Sachs, Citi, CIBC, Capital Economics, Barclays Capital, BMO.

- But TD economists expected 0.1%/0.1%, as did Natwest and Morgan Stanley. 

- MUFG Securities Americas rates strategist John Herrmann expects a "lower gain

in the total CPI Index of +0.1116% mom (rounded to +0.10% mom) vs. consensus

estimate +0.20% mom. On a year-over-year basis, our models forecast a +1.723%

outcome (rounded to +1.70%) LOWER than the consensus estimate +1.80% yoy." 

- He adds "for core CPI Index, our models forecast a +0.1554% mom outcome lower

than the consensus estimate +0.20% mom."

- JPM economists forecast US headline July CPI would fall 0.04%.