The souring of risk sentiment over the last two days hit Sterling and other high-beta assets hard with the British Pound losing around 1.5% against the US dollar at one stage yesterday. Get your market update from nickcawley1 here:
Later today, the latest US inflation report will be released to an eager market. The core rate y/y
is expected to have nudged 0.1% lower to 6.5% in October, while the headline rate is seen two-tenths of a percent lower at 8%. Today’s report will be closely parsed in light of recent commentary from some Fed voting members who have been hinting that the central bank may not go for another oversized rate hike in December. The latest CME Fed Watch Tool shows a 54.5% chance of a 50bp hike and a 45.5% chance of a 75bp increase.
We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests GBP/USD prices may continue to fall.Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a
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