US retail sales came in slightly lower than expected in May suggesting that the US economy is slowing down, causing early USD gains being erased going into today's US bank holiday. GBP was broadly lower ahead of this morning's CPI number.
*Daily move - against G10 rates at 7:30am, 19.06.24
** Indicative rates - interbank rates at 7:30am, 19.06.24
UK CPI numbers fell in line with expectations with the headline number down to the BoE target of 2%. Core CPI also fell, to 3.5%. However services CPI remains sticky only declining to 5.7%. Market pricing on rate cuts still suggests either a September/November rate cut. GBP slightly higher on the day on the basis that services CPI didn’t fall as much as expected.
Nothing in the diary for the rest of the day and worth noting the US is observing a bank holiday so no same day value on USD payments.
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