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Jan 18 - 08:55 AM

GBP/USD - Climbs Towards 1.24 On Hot UK Service CPI Data

By Rob Howard  —  Jan 18 - 07:20 AM
  • Cable hits 1.2387 after extending north from 1.2254 (Asian session low)

  • 1.2387 is highest level since Dec 15 (1.2428 was high that day)

  • Ascent to 1.2387 fuelled by hot UK inflation in services prices gauge

  • This jumped to 30-year high of 6.8% YY in December, from 6.4% in November

  • Hot data has increased the chance of 50 bps BoE rate hike to 4% on Feb 2

  • U.S. Dec retail sales data due at 1330 GMT; minus 0.8% f/c vs -0.6% in Nov

Source:
Refinitiv IFR Research/Market Commentary

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