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Jan 18 - 03:55 AM

GBP/USD - Vaults 1.23 On Higher Than Expected UK Core CPI

By Rob Howard  —  Jan 18 - 02:45 AM
  • Cable vaults 1.2300 en route to five-week high after UK core CPI above f/c

  • Up 6.3% YY vs 6.2% f/c. Headline CPI 10.5% YY, exactly as f/c nL8N34319B

  • CPI data is boost for hawks advocating another 50 bps BoE hike next month

  • 81% chance of 50 bps hike on Feb 2 vs 71% at Tuesday's close 0#BOEWATCH

  • 1.2300 (Tuesday's top) is now a support point (1.2297 = Asia high, pre-CPI)

  • Bull targets include 1.25 (1.2446 was six-month high in Dec) and 1.32

Source:
Refinitiv IFR Research/Market Commentary

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