The U.S. Consumer Price Index delivered a mixed but largely in-line reading for July 2025, with headline inflation holding steady at 2.7% year-on-year while core CPI ticked up to 3.1%.

The data supported the idea of limited tariff pass-through to consumer prices, providing the Fed room to focus on labor market weakness and cementing September rate cut expectations.

Let’s examine which pairs from our watchlist capitalized on this environment of dollar weakness and renewed easing optimism: