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Sterling Consolidates Post CPI Weakness Amid Greenback Bounce

FOREX
  • GBP remains softer against all others in G10 following a broadly lower-than-expected June inflation report. Headline CPI slowed to 7.9% Y/Y, the slowest rate of inflation in a year, missing forecasts by 0.3ppts in the process. Core inflation was also soft, helping drive a step lower in GBPUSD from ~1.3020 to lows of 1.2868. Price has such edged back above the 1.29 handle but broadly is consolidating session declines of around 0.9%.
  • After hovering around the 100 mark early this week, the USD index took a step higher on Wednesday, gaining 0.40% with the greenback higher against most others in G10.
  • Worth noting an extension of the USDJPY recovery seen on Tuesday following the comments from the Bank of Japan governor on maintaining easy monetary policy. USDJPY (+0.60%) stealthily climbed to a high of 139.99 amid the general greenback advance.
  • AUDUSD (-0.50%) weakness today has now erased the entirety of the Jul13 rally. A low of 0.6750 today matches closely with the 20-day EMA at 0.6746. A break below here would mark a notable downside shift in short-term technical momentum.
  • Australian employment data for June highlights the APAC docket on Thursday before US jobless claims and Philly Fed Manufacturing later in the session.
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