Euro drifts toward the bottom of its range as US rate bets climb - www.tmgm.com

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Five weeks into a 1.1100-1.1300 range, the Euro is still inside it after US consumer prices beat forecasts, though back in the lower half. It dropped to just below 1.1150, giving back nearly all of Monday's climb, and has edged back above that level. Core US consumer prices rose 0.3% in October against a 0.2% forecast. Dallas Fed President Logan said two more quarter-point hikes are needed before a pause, and traders give a second one by January about 74%. Two hikes would put US rates 1.75-2.00 percentage points above the European Central Bank (ECB) deposit rate of 2.50%, unless the ECB hikes too. ECB Chief Economist Lane said he'd set a high bar for signalling where ECB rates go next, on a day two Fed officials put a size on theirs.