GBP Trading Outlook (19-01-2011)
The Sterling (GBP) broke above 1.6000 after very hot CPI numbers at 3.7% vs. 3.3% previously y/y. The BOE is an inflation targeting central bank with 3% the upper limit and this is leading to speculation the bank will be forced to raise rates to contain inflation if CPI remains high this year. Overall the GBP/USD traded with a low of 1.5893 and a high of 1.6062 before closing the day at 1.5980 in the New York session. Looking ahead, December Claimant Count is forecast at 1.5k vs. -1.2k previously.
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