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Lower Than Expected Inflation Knocks GBP

FOREX
  • GBP is soft, trading lower against all others in G10, as GBP/USD continues the recent downtrend after yesterday's close below the 50-dma. The rate now targets the 100-dma at 1.3619, a level not closed below since late June last year. Soft inflation numbers were largely responsible, with CPI and RPI both missing expectations for February.
  • Elsewhere, commodity-tied FX is firmer, with NOK and CAD improving as equity futures and oil markets bottom out and point higher ahead of NY hours.
  • Focus turns to prelim February US durable goods orders, which are expected to slow to 0.5% from 3.4% previously. Prelim March PMI data also could prove interesting, with the US release due just after the Wall Street opening bell.
  • The speaker slate is again busy, with Fed's Powell appearing in front of the Senate alongside Treasury Secretary Yellen. Fed's Williams, Daly, Evans & Barkin are due, as well as ECB's Lagarde on climate change.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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