Upside PPI prints see cable pressed through 1.35
Slight dollar pop on the notably higher than expected US PPI prints (both headline and core) – just enough in fact to see cable have a look below 1.35, with 1.347/50 next levels if that is maintained. Lots of questions for a Fed in transition and lots of questions for the market to digest and weigh up over the relative trajectories of real economy, inflation, risk market performance and fiscal surprises.