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Sterling Within Reach of Multi-Year Highs

FOREX

GBP trades well for a second session, outperforming all others in G10, as markets trim further their expectations for negative interest rate policy in the near term. GBP/USD now trades well within range of the recent 1.3704 high printed on Jan 4th - the highest level in two-and-a-half years.

Elsewhere, the USD is a touch firmer, partially reversing yesterday's downtick, but price action is muted so far. Antipodean currencies are soft, with AUD and NZD weaker despite generally solid commodities early Wednesday.

Equity futures in the US are broadly flat ahead of the unofficial beginning of earnings season. E-mini S&P sits just above unchanged.

US CPI takes focus going forward, with Fed's Beige Book crossing later in the session. There's plenty of Fedspeak to mull over, with speeches from Bullard, Kashkari, Brainard, Harker and Clarida all due.

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