Fundamental OverviewThe US Dollar continues to consolidate despite the higher-than-expected inflation figures and a less dovish Powell last week. The market’s pricing remained largely unchanged at three rate cuts by the end of 2025.This is generally a signal that the market is fine with the current pricing, and we would need stronger reasons to price out the remaining rate cuts. This could lead to some general US Dollar weakness in the short term.On the GBP side, this week we got the UK CPI report with the data coming in higher than expected. This saw the market strengthening the chances of no change at the December BoE meeting but overall the pricing remained unchanged around 67 bps of easi
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