British Pound Support Drops After USD Continues to Strengthen.

British pound

The British Pound has been swept up in the pandemonium arising from the turmoil in the cryptocurrency domain. The disintegration of FTX and its inability to reach a rescue deal with Binance saw a meltdown in risk assets.

The US Justice Department has said they are investigating the FTX situation and have been in touch with the SEC regarding the issue. There are emerging worries about the probability of a knock-on effect from margin calls turning into a demand for liquidity from other assets.

APAC equities accompanied Wall Street lower, and the US Dollar continued its ascendency across the board into the New York close. It has given up a little ground so far in the Asian session.

US CPI tonight could be the key for the US Dollar and markets in general as it could feed into perceptions of where the Fed is headed with monetary policy.

Chicago Fed Chief Evans softened from an ultra-hawkish stance Yesterday. However, Richmond Fed President Barkin and Minneapolis Fed Boss Kashkari restated their hawkish views toward monetary policy.

According to a Bloomberg survey of economists, headline month-on-month CPI for October is forecast to be 0.6% against 0.4% for September and 7.9% for the year-on-year figure against 8.2% previously.

Month-on-month ex-food and energy CPI is forecast to show a slight easing to 0.5% against 0.6% prior, with the annual read expected to be 6.5% versus 6.6% previously.

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