Fundamental OverviewThe USD has been generally under pressure since the benign US CPI report last week as the hawkish expectations subsided and the market switched its focus from inflation back to growth. This triggered a positive risk sentiment which is generally negative for the greenback and benefited the other major currencies. The GBP, on the other hand, got a boost today from the hot UK CPI report where the data beat expectations across the board. The services inflation figures, which is what the BoE cares most about, came in much higher than expected showing once again that inflation remains very sticky on the services side. The markets pared back expectations for a rate cut in June w
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