This morning, the pound is on the back foot after inflation data came in below expectations yesterday. CPI held firm but other metrics including RPI, HPI and PPI rose less than expected.
The US dollar has continued to make gains, putting pressure on the dollar pairs, especially the EUR/USD which is down for the fifth straight day.
The NZD/USD is one of the biggest sellers, as the AUD/USD also continues to edge lower.
The yen pairs are mixed, with the USD/JPY making gains but other pairs such as the GBP/JPY on the back foot.
Gold is also off for the third day in a row.
Coming up today
ECB President Draghi speaks at 09.10
At 09.30, we have UK average earnings, released alongside claimant count change and the unemployment rate.
FOMC members Dudley and Kaplan speak at 13.00.
At 13.30, we get US building permits, housing starts and Canadian manufacturing sales.
US crude oil inventories are at 15.30.
Trade Idea
The British pound is slipping lower again despite recent warnings around inflation.
The GBP/USD looks to be on the turn and could be worth a downside bet.
Morning Report: 07.00 London
This morning, the pound is on the back foot after inflation data came in below expectations yesterday. CPI held firm but other metrics including RPI, HPI and PPI rose less than expected.
The US dollar has continued to make gains, putting pressure on the dollar pairs, especially the EUR/USD which is down for the fifth straight day.
The NZD/USD is one of the biggest sellers, as the AUD/USD also continues to edge lower.
The yen pairs are mixed, with the USD/JPY making gains but other pairs such as the GBP/JPY on the back foot.
Gold is also off for the third day in a row.
Coming up today
ECB President Draghi speaks at 09.10
At 09.30, we have UK average earnings, released alongside claimant count change and the unemployment rate.
FOMC members Dudley and Kaplan speak at 13.00.
At 13.30, we get US building permits, housing starts and Canadian manufacturing sales.
US crude oil inventories are at 15.30.
Trade Idea
The British pound is slipping lower again despite recent warnings around inflation.
The GBP/USD looks to be on the turn and could be worth a downside bet.
A good way to play this is a LOWER trade predicting that the GBP/USD will close below 1.3125 in 14 days for a potential return of 143%.
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