GBP/USD opens with a large gap, eyes on US CPI – by fx_ross GBPUSD CPI BOE Fed Currencies
The US CPI will be a key event for the pair.
The greenback fell away from a near 20-year high recently and dropped as low as 108.35 and was last down 0.6% at 108.93 as measured by the DXY index. Nevertheless, US rate futures are pricing in an 87% chance of the Fed hiking by 75 bps hike this month. The fresh US Consumer Price data this week is likely to be closely watched which could determine the size of the Federal Reserve's rate hike at this month's policy meeting.
Meanwhile, after a modest dip the previous day following the death of Queen Elizabeth, the pound is firm on the sentiment over a hawkish. The central bank said on Friday that it would delay its next monetary policy meeting by one week due to the period of royal mourning.
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