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Stronger Than Forecast UK CPI Provides Fresh Boost for Sterling

CABLE
MNI (London)

Release of stronger than forecast UK inflation data, headline CPI coming at at 1.0%yy, vs forecast 0.6%, has provided a fresh boost for sterling, the pound already trading with an underlying buoyant tone, cable earlier in the day having extended its recovery high to $1.3265. Reaction saw rate bounce from around $1.3241 to $1.3258. Resistance remains into $1.3265/66, a break to open a move toward $1.3280 with $1.3300 moving into view ($1.3298 1.618% swing projection $1.3186-1.3005).

MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com
MNI London Bureau | +44 203-586-2231 | john.webb@marketnews.com

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