GBP/USD bears attack 1.1300 despite hot UK inflation – by anilpanchal7 GBPUSD Inflation BOE Fed Politics
UK CPI rose to 10.1% YoY in September versus 10% expected, 9.9% prior.
BOE’s QT, U-turn from “mini-budget” keep buyers hopeful but British political jitters, hawkish Fedbets challenge upside moves. GBP/USD extends pullback from a short-term crucial resistance despite upbeat UK inflation data, published during early Wednesday morning in London. In doing so, the Cable pair renews its intraday low around 1.1300.
As per the latest inflation data from the UK Statistics, the headline Consumer Price Index refreshes a 30-year high with a 10.1% YoY figure versus 10.0% expected and 9.9% prior.That said, the reduction in UK Chancellor Jeremy Hunt inspired optimism, due to the reversal of “mini-budget” proposals, which weigh on the GBP/USD prices.
Elsewhere, the US Dollar Index picks up bids while tracking the recently firmer US Treasury yields amid sluggish early hours of trading in the West. That said, the US 10-year Treasury yields added three basis points near 4.03% mark at the latest. The uptick in the US bond coupons could be linked to the latest hawkish Fedspeak despite the mixed data.
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