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GBP Slides as CPI Undoes Wages-Inspired Strength

FOREX
  • Having traded firmer earlier this week, GBP is now the poorest performing currency across G10 after CPI data for January came in below expectations. Headline and core were softer by 0.1ppts relative to expectations, with the much-watched services CPI also erring to the low side of forecast.
  • The data somewhat reversed the pullback in easing expectations that followed jobs numbers yesterday, tipping GBP/USD back below 1.2550 and within range of the next key support at 1.2519 - the Feb 5 low.
  • The USD is more middling, with the USD Index close to flat, but just below yesterday's breakout high of 104.976 - which remains the bull trigger.
  • NOK is the firmest performer in G10 on an intraday basis, aided by more strength in oil prices on top of firmer than expected mainland GDP data released at the open.
  • Focus for the remainder of Wednesday trade turns to the central bank speaker calendar, with ECB's Cipollone & Nagel, Fed's Goolsbee & Barr and BoE's Bailey set to speak. Goolsbee and Barr's comments will be watched carefully - the first FOMC representatives to appear after yesterday's firmer-than-expected CPI.
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