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May 10 - 06:55 AM

GBP/USD - COMMENT-Will Sterling Shorts Burn Out Before Summer Solstice?

By Rob Howard  —  May 10 - 05:00 AM

May 10 (Reuters) - Sterling bears hope to avoid being singed by UK data ahead of the next Bank of England interest rate decision on June 20, the longest day of the year in the Northern Hemisphere.

Two rounds of UK inflation figures and two sets of UK labour market data are due before June 20 - with the BoE's decision currently seen as a coin toss between a 25 basis point rate cut or a seventh consecutive hold. 0#BOEWATCH

If the data tilts the scales towards another hold, it could prompt the liquidation of some GBP short positions.

CFTC data on FX positioning, due at 1930 GMT, will show if the net GBP short increased again in the week ended May 7, after climbing to a 16-month peak of 28,990 contracts in the week ended April 30.

GBP/USD rose to 1.2541 on Friday, its highest level since May 7, after data showed the UK economy grew by a higher than expected 0.6% in the first quarter.

Related comment: nL1N3H60CV

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Source:
Refinitiv IFR Research/Market Commentary

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