Euro futures drop to a 17-month low as a divergence in U.S. and European inflation data reshapes interest rate expectations. Bob Iaccino unpacks the market reaction after U.S. core inflation rose 2.6%, keeping the possibility of a late-October Fed rate hike in the conversation. Meanwhile, German inflation held steady at 3.3%, reinforcing market expectations that the European Central Bank will leave rates unchanged despite President Lagarde's warnings on energy prices. Iaccino highlights the downside momentum for the euro as the stronger U.S. economic data adds pressure across the currency complex.