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GBP Recovery Fading as CPI Tops Expectations

FOREX
  • The greenback is making furtive gains early Wednesday, with EUR/USD faltering on the approach to Tuesday's $0.9876 high during the Asia-Pac session, and drifting lower through the European morning.
  • GBP is among the session's poorest performers as markets further bake-in the likelihood of a protracted stagflationary phase in the UK, as CPI came in ahead of expectations at 10.1%. GBP/USD shed around 30 pips following the release, as has traded sluggishly since, touching pullback lows of 1.1247. Key short-term support has been defined at 1.0924, the Oct 12 low.
  • NZD is extending the week's outperformance, trading higher against all others in G10 on an extension of the post-CPI move earlier in the week. NZD/USD looks to $0.5719 for direction, a break above which would open $0.5814 and above.
  • USD/CHF, meanwhile, has bounced back to parity, with the pair erasing the Monday/Tuesday losses to narrow the gap with the cycle best at 1.0074.
  • Canadian inflation data takes focus going forward, wit markets expecting Y/Y CPI to drift to 6.7% from 7.0% prior. US housing starts and building permits are also on the docket. Markets also await speeches from BoE's Cunliffe & Mann, ECB's Visco & Centeno and Fed's Kashkari, Evans and Bullard.
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