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Jan 12 - 07:55 AM

GBP/USD - Scales Two-Day Peak Before U.S. CPI Data

By Rob Howard  —  Jan 12 - 05:40 AM
  • Cable climbs to 1.2181 (two-day high) ahead of U.S. CPI data at 1330 GMT

  • Headline and core CPI are forecast to fall to 6.5% and 5.7% YY respectively

  • Softer than expected CPI could spur another dovish shift in Fed expectations

  • Any such shift could lift GBP/USD to 1.2209 (Monday's three-week high)

  • Money markets currently see 25% chance of 50 bps Fed rate hike on Feb 1

  • 1.2135 (intra-day low) and 1.2100 (Jan 6 high) are cable support points

Source:
Refinitiv IFR Research/Market Commentary

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