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The Cable is perking up this morning as the S&P futures fight to break loose of their psychological 1100 level. The GBP/USD has benefitted from a relatively quiet data wire from Britain since the CCC number beat expectations. However, the news flow will pick up tomorrow with the release of both CPI and RPI data points. Furthermore, the BoE will release its anticipated Inflation Letter. Since the BoE's target inflation rate is 2%, any disappointing numbers concerning inflation could spark investor speculation that the BoE will inject more liquidity into its QE fund. After all, Governor King recently left the door open to future alternative liquidity measures if deemed necessary. Meanwhile, an inflation reading topping analyst expectations could boost the Cable beyond previous November highs and would support why the BoE opted to inject 25 billion Pounds at its last meeting instead of the anticipated 50 billion.
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