The dollar extended losses today, a day after the Federal Reserve delivered what some expect to be its last rate hike, while the market's focus shifted across the Atlantic to the European Central Bank's impending rate announcement.
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Cable might drop through 1.3000 if UK June CPI comes in softer than the 8.2% YY consensus forecast on Wednesday or ascend beyond 1.3150 if it is higher than expected for a fifth consecutive month.
The British Pound will on Wednesday encounter another key economic release in the form of CPI inflation for June which will determine whether the Bank of England will deliver a second consecutive 50 basis point interest rate increase in August.
The pound rose for the sixth session running to a new 15-month high after data showed the British economy shrank by less than expected in May.
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Comments from The Federal Reserve’s meeting minutes last night have all but pointed towards further rate hikes in the coming months, starting with the central banks meeting later this month. The central bank are seemingly supportive of more rate hikes in the near future, due to continuously stubborn inflation as well as a strained jobs market.
