The Sterling (GBP) was strong testing above 1.5900 as EUR/GBP was sold off and GBP/JPY extended gains. Talk that the BOE might have to raise rates to fight stubborn inflation supported the market. Overall the GBP/USD traded with a low of 1.5833 and a high of 1.5957 before closing the day at 1.5915 in the New York session. December CPI is forecast at 0.75 vs. 0.4% previously m/m.
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