Helicopter Ben’s flight-suit remains at the dry cleaners as the firmer reading in core CPI (0.3%) will keep the Fed from launching another round of QE3 any time soon. The lousy Empire State Manufacturing survey suggests more malaise/stagflation from the US economy ahead.

EUR/USD has edged lower on the dwindling prospects for further Fed action.We’re now around 1.4120, where BIS bids were spotted earlier.