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Dec 13 - 04:55 PM

GBP/USD - Softer U.S. CPI Puts Prices On Path To May's Highs Pre-Fed And BoE

By Content Admin  —  Dec 13 - 01:50 PM

  • Sterling surged to new 6-mo highs on soft U.S. CPI, dovish Fed hopes

  • Eyes first 1.2300+ close since June that had crimped Dec gains

  • Huge 22bp rise in 2-yr gilts-Tsy yields spreads underpins

  • Also an initial risk-on surge in S&Ps, but was rejected by Dec's highs

  • Key now are Fed statement, SEPs, dots and Chair Powell's Wed presser

  • Fed already guiding a ramping down from 75bp rate hikes, data dependence

  • Nov CPI shows progress toward inflation goals made for second month

  • Pound hurdles are 55-WMA, 100% Fibo off 2022 base & May hi @1.2455/6.53/66

  • Buying dips toward the rising 10-DMA has been a winner for weeks

For more click on FXBUZ


Source:
Refinitiv IFR Research/Market Commentary

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