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Cable recovers from the lows, US CPI in focus

FOREX
  • It is a positive European morning session for the Dollar, in the Green against all G10s, after Equities fell and US Yield rose, mostly led by Europe, following report that the ECB said that they expect the EU inflation to remain elevated next year.
  • The early mover on the open, was the Pound, after UK GDP miss consensus, and Cable fell towards the highlighted level at 1.2446, the September low and lowest level since the start of June.
  • Despite printing a 1.2442 low, that area has held and Cable is now circa 20 pips of the low, at the time of typing.
  • Looking across G10, the Pound is still mixed, leading gains against the SEK, up 0.23%, and now just down 0.14% vs the Dollar.
  • EURUSD stays in that 6 sessions range of 1.0686/1.0769, as market participants await the ECB Tomorrow.
  • Given the lack of risk events and data, large options expiry may have played a role in keeping the pair within ranges.
  • Initial resistance will be at that top range.
  • There's 3.39bn at 1.0730/1.0775 for today's option expiry in EURUSD.
  • Looking ahead, main focus is on US CPI and Earnings.
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