Fundamental OverviewYesterday, the US PPI report missed expectations by a big margin triggering a selloff in the US Dollar as the market started to position into a potentially soft US CPI release today. The UK CPI this morning missed estimates across the board as well and raised the probabilities of a back-to-back cut in September. Most of the initial GBP weakness though has been erased as the selloff in the greenback has been stronger and in the bigger picture a positive risk sentiment should favour the pound anyway.For the Fed, the market is split between a 25 and 50 bps cut in September and a total of 107 bps of easing by year-end. On the BoE side, the market sees a 41% probability of a 2
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