FX Daily: Fed Dovishness Challenged By Brighter Outlook

GBP: Another quiet day

Sterling lacks some clear catalysts today. Cable could be kept below 1.3750 by some dollar gains, and EUR/GBP may consolidate after yesterday’s drop.

AUD: Improved inflation outlook is no game-changer

Australian inflation beat expectations as it increased from 0.7% to 0.9% year-on-year in 4Q20. The release followed a relatively encouraging jobs report last week and possibly signaled a less pronounced economic slump in the last months of the year than previously feared. That said, with no implications for the ultra-accommodative Reserve Bank of Australia policy, for the time being, the impact on the Aussie dollar of incoming data has been (and may stay) quite contained.

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