As the USD has hit lows against a basket of currencies, cable has rallied steadily over the past 4 weeks. Trading at just below the $1.68 level, further greenback weakness could be the prelude for us moving closer to the $1.70 level. CPI data released today may well impact on the direction for the dollar.
- The US Dollar Index fell back 0.4% to 75.097
- The Bank of England have released the minutes from their November meeting, where they agreed to print a further £25bn, but it was not unanimous - only 7 of the 9 members voted for this.
- All eyes will be on the CPI data, due for release at 1330 this afternoon. This will give us an idea of inflationary issues currently present in the US
- The OECD have called Japan's fiscal situation a cause for concern, citing rising public debt
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