Cable's retreat from an Asian session three-day peak of 1.9390 extended to an intra-day low of 1.9310 in early European trade, amid talk of fresh Russian selling of GBP/JPY. Highs just shy of 1.9350 have been notched on the rebound rally from 1.9310.
Yesterday's low was 1.9213. 1.9350+ resistance levels include 1.9376 (yesterday's high), 1.9390, 1.9400, 1.9434 (Monday's high), and 1.9448 (March 5 top). Stops are tipped above 1.9450.
2.7% is the median expectation of Britons re: the UK inflation rate over the coming year, according to respondents to a quarterly BoE inflation attitudes survey. 2.7% is the same number touted by respondents to the prior BoE inflation survey in November. 2.7% is also the current actual CPI level (for January).
There are a raft of potentially market-moving US data releases today, inclusive of the 12:30GMT disclosure of February producer prices, and the 13:00GMT unveiling of January TIC data. Headline PPI forecast: +0.5% m/m. Core PPI forecast: +0.2% m/m. Long-term TIC inflows of $65.0/70.0bn are forecast. The MPC's Sentance is slated to speak at 18:00GMT.
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