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Nov 14 - 11:55 AM

GBP/USD - COMMENT-Sterling Longs Lighten Ahead Of Key Data, Policy Statement This Week

By Paul Spirgel  —  Nov 14 - 10:35 AM

GBP/USD fell more than 0.9% on Monday, hitting a session low of 1.1724 after Sunday's comments from Fed Governor Christopher Waller reminded markets that policymakers remained committed to fighting inflation even after below-forecast U.S. CPI, though it's probably not the start of a sustained cable slide.

GBP/USD fell more than other major currencies versus the USD as traders curated positions ahead of Tuesday's UK employment data, Wednesday's price data and Thursday's UK autumn statement.

Sterling remains well above November lows at 1.1150, and the dog-days of September when GBP/USD put in an all-time low after finance minister Kwasi Kwarteng's mini-budget threw UK markets into crisis.

By contrast, markets expect fiscal orthodoxy from finance minister Jeremy Hunt, which, while painful in the short-term, will send a message that the UK is serious about its recovery, which may unleash another round of sterling buying, opening the way for tests of early-August highs by 1.23.

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Source:
Refinitiv IFR Research/Market Commentary

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