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Daily Report: Sterling Consolidates ahead of BoE MinutesSterling remains in tight range as traders await BoE meeting minutes. Yesterday's strong CPI reading was not enough to provide sustained boost for the pound. The minutes are expected to be similar to what was seen in April. That is, three of the nine policy makers would have voted for rate hike to tame inflation, with Sentance continuing his vote for 50bps hike while Dale and Weale voted for 25bps. Posen, the dove, could could have voted for expansion in the asset purchase program. At the moment, markets are fully pricing in the first rate hike from BoE in December and over 90% change of hike in November. But such expectation could change from time to time. Though, it'll need something drastic from the BoE minutes to turn the trend in Sterling today. Otherwise, it's more vulnerable to the downside against dollar as risk aversion continues. |
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| Featured Technical Report | |
GBP/USD Daily OutlookDaily Pivots: (S1) 1.6182; (P) 1.6242; (R1) 1.6311; More. Intraday bias in GBP/USD remains neutral and recovery from 1.6146 could extend further. But after all, risk will remain on the downside as long as 1.6515 resistance holds and further decline is still in favor. Below 1.6146 will resume the whole fall from 1.6744 and target a test on 1.5935 key near term support next. |
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