Cable at the Mercy of the Dollar, UK jobs and Inflation Data Next

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yesterday, with the ripple effect bringing an end to the recent countertrend move across major FX pairs vs the dollar. Cable is no different, seeing the pair surrender some of the recent gains after failing to breach the 1.2345 level. Next week presents an opportunity for local UK developments to drive the pair, something that has been absent for some time now, as UK unemployment and inflation data comes due. The UK has experienced a moderate easing in the job market of late and this week’s IMF World Economic Outlook revealed challenges tothis year and particularly in 2024. These developments should help contain inflation but higher energy prices have threatened to reignite upside risks to inflation.

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