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The US CPI report was a decent one:

• Forexlive Americas FX news wrap: CPI continues to cool

Snippet from MS:

• CPI data was not 'as cool as yesterday's PPI"
• but the as-expected CPI likely will not rock the boat
• the primary question is
  whether the Fed will cut rates by 25 or 50 basis points in September
• if most of the data over the next five weeks points to a slowing
  economy, the Fed may cut more aggressively

Earlier:

• JP Morgan says the Fed has a green light for a 50bp rate cut in Sep. Here's the trigger.

We'll hear from jpowe next week at Jackson Hole