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GBP got a boost from BoE chief economist Huw Pill yesterday afternoon, after he commented that services and wages continue to support the notion that inflation is still to strong, thus reducing the possibility of seeing a rate cut in August. GBPUSD traded the 2024 highs once again ahead of today's CPI numbers, and GBPEUR also traded up near 2024 highs.
*Daily move - against G10 rates at 7:30am, 11.07.24
** Indicative rates - interbank rates at 7:30am, 11.07.24
Good day for GBP yesterday, and this morning’s GDP numbers have given markets another reason to support GBP. GDP for the month of May came in at 0.4% vs 0.2% expected, meaning that overall GDP for Q2 is on track to rise to 0.6%.
In the afternoon, all attentions turn to the US CPI numbers. A lower than expected print will put more pressure on USD, that already has negative pressure on it. If so then we would expect GBPUSD to make new 2024 highs. EURUSD gains will also be seen, but gains will likely be limited due to the French election uncertainty.
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