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Sterling succumbs to a move lower, fails to take heart on inflation data

Sterling succumbs to a move lower, fails to take heart on inflation data
The initial reaction to the hot inflation data earlier was a higher pound, with GBP/USD rising to a high of 1.2802 but the move was a brief one as noted here. As mentioned then and earlier in the session, the data isn't going to change much for the pound and the UK rates outlook in the short-term.Traders have already priced in a terminal rate of close to 6% coming into today and the bank rate is only at 4.50% at the moment, before tomorrow's expected rate hike. In other words, there is still a l... Read More
Posted: Jun 21 2023, 09:31
Author Name: forexlive
Views: 102465

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