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GBPUSD gets dumped after lower than expected inflation

GBPUSD has crashed back below the 1.6000 level now trading at 1.5975 following much lower than expected CPI data. This shows the impact that lower oil prices is having on inflation and has even caught the most bearish of estimates off guard. This will only serve to push Bank of England rate hikes expectations even further out into 2015 and it likely to keep sterling under pressure going for the remainder of 2014. The only good thing to come from this is that tomorrow’s earnings data, which is expected to show an uptick, will get one step closer to eradicating the decline in real wages.

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