Daily Alert – Wednesday 19th April 2023: Time to buy the pound?

Mark NugentApril 2023, Daily Alert

Daily Alert – Wednesday 19th April 2023: Time to buy the pound?

Good morning.

Yesterday saw indecisive risk sentiment, just like Monday.

This morning we see UK CPI coming in at 10.1% year-on-year for March against an expectation of 9.8%. The GBP is rising. Some institutions are forecasting a peak rate of 5.0% from the Bank of England. That’s 75 basis points away. Should I change my bias on the GBP to long? The Bank of England may not be as bullish as the European Central Bank when it comes to jawboning, but the reality of high inflation will force the bank’s hand, nonetheless. Interesting…

My EURUSD long trade exited at breakeven during a little spike down yesterday afternoon.

I’ll be back tomorrow.

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