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EUR/GBP Snaps Losing Streak on Soft UK CPI

FOREX
  • The greenback is on the up early Wednesday, extending the recovery off the post-CPI lows printed Tuesday.
  • USD strength has been particulatly noted against GBP following UK inlflation data. CPI fell short of forecast across both headline and core measures. GBP/USD slipped upon release, drifting to daily lows of 1.2071. Similarly, EUR/GBP bounced further off the 50-dma support to snap a seven-session losing streak.
  • AUD trades heavy, slipping against all others in G10, on the back of local equity weakness and softer stock markets in China and Hong Kong. The currency wasn't impacted by RBA Governor Lowe's comments to a senate committee, at which he stated that rates needed to rise further but unsure by how much and that the Board was "serious" above bringing down inflation.
  • Focus for the session ahead turns to US retail sales and empire manufacturing releases, both of which are expected to improve from the prior month. ECB's Lagarde is also scheduled to speak from Strasbourg.

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