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GBP and EUR see 6-month high amid US inflation data

1 minute read

The latest US inflation report has given markets a big boost for the second month in succession. The dollar index declined to 103.16, a level not traded since the middle of the year. This saw GBP/USD rally to almost 1.2450 and EUR/USD mirrored cable, bursting through 1.0650, also for the first time since June. This comes in spite of the fact that German harmonized CPI remains at a rather uncomfortable 11.3% (YoY).

As a result of a dovish approach, we are more likely to see a 50bps hike than the previous 75bps which may see further USD weakness.

For help on what this market move means for you please reach out to your account manager here at Moneycorp on +44 (0) 207 823 7800 (Business) or +44 (0) 207 589 3000 (Personal) or login online.

 

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