Pound flirts with monthly top amid hotter UK inflation, dovish Fed minutes GBP GBPUSD $GBP $GBPUSD
GBP/USD in the hindsight: Hotter UK inflation eclipses geopolitical risks
GBP/USD extended its renewed upside on Wednesday, as the UK annualized inflation rate hit a fresh 30-year high, arriving at 5.5%, a tad hotter than the 5.4% expected. Soaring inflation in Britain fanned expectations of an aggressive BOE rate hike in the year ahead. On the other hand, the January Fed minutes disappointed hawks and triggered a fresh wave of dollar selling.rate hike amid the ongoing war-like situation concerning Russia and Ukraine.
The BOE’s quarterly MPR will be published on Wednesday ahead of Thursday’s opening remarks by the central bank Governor Andrew Bailey at the BOE's First Annual BEAR Conference, in London. The second revision of the US Q4 GDP and weekly Jobless Claims will also keep traders entertained in the second half of the week.
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