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GBP/USD punctured by QIR – WIB

FXStreet (Barcelona) - Sean Callow of WIB notes that the GBP tumbled on the BoE inflation report while NZD outperformed for far less compelling reasons.

Key Quotes

“GBP/USD traded well after the UK jobs data which was near expectations (-20k jobless in Oct, 6.0% unemployment rate in Q3) and tested 1.5940.”

“The Bank of England’s quarterly Inflation Report punctured this rally though, sparking a slide to 1.5820, extending to 1.5780 early Sydney. The BoE slashed its Q4 14 CPI forecast to 1.2% y/y from 1.9% and 2015 to 1.4% from 1.7%. Short sterling yields for 2015 contracts dropped by -4bp to -8bp.”

“USD/JPY dipped to a 114.89 low as risk sentiment hit its lows but then recovered to 115.55 as the mood improved somewhat.”

“Today we hear from the RBA's Kent & Fed's Dudley, see the BoK decision and China's Oct activity data.”

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