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Stronger Than Expected UK CPI Fuels Underlying Sterling Buoyancy

MNI (London)
  • Market reacts mildly positive to the release of UK CPI, coming in at 0.7%yy, flat on the month.
  • GBP/USD had dipped to $1.3257 in pre release trade, edging back to $1.3267 in react, though momentum not enough to bring pressure to bear on its intraday high of $1.3270, with Tuesday's high of $1.3272 lingering close behind,
  • A break to expose $1.3300 ahead of $1.3312(Nov11 high).
  • Sterling buoyant on the back of Brexit trade agreement talk but needs this to be confirmed to provide stronger upside breakout momentum. Market aware that over optimism can lead to disappointment.
MNI London Bureau | +44 203-586-2231 |
MNI London Bureau | +44 203-586-2231 |

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