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FOREX: Sterling sags as CPI provides boon for BoE doves
- After a slow and steady start to the European session, GBP sellers emerged
again in response to poorer-than-forecast inflation data for December. CPI
missed on both a headline and core basis, raising the market probability of
action from the BoE's MPC as soon as this January's meeting. Yesterday's lows
are still in tact for GBP/USD at $1.2995, with focus turning to Friday's retail
sales and the PMI flash data on January 24th.
- Elsewhere, CHF and JPY are on the front foot as equities sit lower in core
European markets. US equity futures have retreated slightly, with focus turning
to further earnings releases today from Bank of America, BlackRock, Goldman
Sachs and UnitedHealth. This has worked against the likes of AUD, which sits
lower with GBP today.
- US PPI and Empire manufacturing numbers are the highlight Wednesday. It's a
busy session for the speakers slate, with ECB's Villeroy, and Fed's Harker, Daly
and Kaplan on the docket. Trump and the Chinese delegation team are seen signing
the phase one trade deal at around 1630GMT/1130ET today.