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Aug 17 - 04:55 AM

GBP/USD - Falls 40 Pips From Spike High On Hot UK CPI Data

By Rob Howard  —  Aug 17 - 02:35 AM
  • Cable spiked to 1.2143 on hotter than expected UK July CPI data

  • Up 10.1% YY vs 9.8% f/c nL8N2ZT1CC. 1.2103 = subsequent pullback low

  • 1.2143 was six pips shy of Monday's high (1.2008 was Tuesday's low)

  • Hot CPI data increases probability of another 50 bps BoE hike in September

  • BoE expects CPI to peak at 13.3% in October (2% is BoE's target level)

  • 1.2092-1.2122 was GBP/USD range in Asia (before UK CPI data release)

Source:
Refinitiv IFR Research/Market Commentary

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