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Jan 19 - 08:55 AM

GBP/USD - Holds Below 1.27 After Bleak UK Retail Sales Data

By Rob Howard  —  Jan 19 - 07:15 AM
  • Cable holds sub-1.27 after drop to 1.2667 on dismal UK retail sales data

  • 1.2667 = intra-day low. 1.2693-1.2714 was Asian session range (pre-UK data)

  • Weak UK Dec retail sales data spurs dovish shift in BoE rate expectations

  • Markets currently see 58% chance of BoE cut by May vs 46% chance Thursday

  • 0#BOEWATCH. Next BoE rate decision Feb 1: scope for 8-1 dovish hold vote

  • Tory PM Sunak says there is 'more to come' on tax cuts (UK budget March 6)

Source:
Refinitiv IFR Research/Market Commentary

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